Oaktree's Neo Performance, Luxfer end $820 mln tie-up deal

Luxfer Holdings PLC (NYSE: LXFR) and Neo Performance Materials Inc (TSX: NEO) have agreed to cancel the former's proposed acquisition of Neo, a Toronto-based maker of rare-earth and rare-metal-based functional materials used in advanced technologies. The deal, announced in December, would have seen U.K.-based Luxfer pay about $820 million (US$612 million) in cash and stock. U.S. distressed investor Oaktree Capital Management, Neo’s largest shareholder, agreed to support the transaction. Neo emerged in 2016 from the bankruptcy of Molycorp Inc. Oaktree took the company public last year, raising $220 million.

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