Australia's Adbri Agrees to $1.4 Billion Takeover by CRH, Barro
By Stuart Condie
SYDNEY--Australian building-materials supplier Adbri agreed to a takeover by U.S.-listed CRH and the Barro Group that values its equity at about $1.4 billion.
Adbri on Tuesday said that its directors unanimously recommended shareholders accept CRH's cash offer of 3.20 Australian dollars (US$2.10) a share. The recommendation followed about two months of due diligence.
The Barro Group already owns about 43% of Adbri's stock. CRH said it will pay about A$1.1 billion for a 53% interest that it does not already own.
The offer represents a 41% premium to Adbri's closing price of A$2.27 prior to December's announcement of CRH's indicative offer. The stock has traded at A$3.00 or higher since the start of 2024.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
February 26, 2024 17:05 ET (22:05 GMT)
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