Stanley-B&D deal ratchets closer

The Stanley Works and Black & Decker Corp. moved closer to their blockbuster merger as both companies announced that the Hart-Scott-Rodino antitrust review period for the combination of the two businesses has expired.

The expiration removes a regulatory hurdle, allowing the Stanley acquisition to move ahead. New Britain, Conn.-based Stanley and Towson, Md.-based Black & Decker entered into an all-stock-transaction merger deal on Nov. 2, 2009.

The deal is also subject to other customary closing conditions, including foreign regulatory approvals and the approval of Stanley and Black & Decker stockholders. Provided the green light is given for the remaining conditions, both companies  expect the deal to "occur toward the end of the first quarter or the beginning of the second quarter of 2010," according to the companies.