SYDNEY, AUSTRALIA: CRH plc, a global building materials group, has agreed to acquire all the shares of Adbri Limited, an Australian cement and lime producer, that are not owned by Barro Group, a major shareholder of Adbri, for $3.20 per share in cash, an announcement on ASX noted.
Scheme of Arrangement Approval for Proposed Adbri Acquisition
The deal values Adbri at about $2.1 billion and represents a premium of over 50% to Adbri’s average share price in the past three months.
The board of Adbri, excluding Barro Group representatives, has unanimously recommended the deal to the independent shareholders, subject to an independent expert’s opinion and the absence of a superior proposal.
The deal is also conditional on court, regulatory and shareholder approvals.
Adbri Lead Independent Director, Samantha Hogg, said, “With the objective of maximising value for the Independent Shareholders, the IBC has negotiated binding transaction documentation with CRH following completion of its confirmatory due diligence.
The Adbri independent directors are unanimous in their view that the Scheme will provide an attractive value outcome for Independent Shareholders if implemented.”