Metalclad Calls Off PDG Merger Talks

Metalclad Corp., a Newport Beach insulation and asbestos treatment company, said Wednesday that it has discontinued merger talks with PDG Environmental Inc. because it was unable to agree on a transaction in the best interests of shareholders.

Metalclad had signed a nonbinding letter of intent to sell its insulation contracting unit to PDG in a deal that would have given Metalclad a stake of up to 48% in the Pennsylvania asbestos abatement company.