MINNEAPOLIS (AP) — Graco Inc. said federal antitrust regulators are asking for more documents related to its proposed acquisition of Illinois Tool Works Inc.'s finishing businesses.
In April, Graco said it would pay $650 million in cash for the businesses, which make and distribute industrial liquid finishing, powder coating and auto refinishing.
Graco, which makes industrial tools, said Tuesday the Federal Trade Commission made a so-called "second request" for information related to the purchase.
The FTC is investigating under the federal Hart-Scott-Rodino Act, which prohibits mergers if they are shown to lead to anticompetitive consolidation of an industry.
Graco said it is cooperating with the FTC investigation in hopes it can get approval for the deal as soon as possible.
Shares of Graco rose $1.48, or nearly 3 percent, to close at $53.01. Shares of Illinois Tool Works, based in Glenview, Ill., rose 4 cents to close at $57.65.