CRH plc (CRH, CRH.L) has announced that it has secured approval from both Independent Adbri Shareholders and the Court for its proposed acquisition of Adbri, in collaboration with the Barro family.
According to the agreement, CRH will purchase the remaining 57% of Adbri's ordinary shares that the Barro family does not own, for a previously agreed cash price of A$3.20 per share. This Offer values Adbri at an equity value of A$2.1 billion, or US$1.4 billion on a fully diluted basis. Furthermore, it assesses the 53% of issued share capital, which the partners do not currently own and CRH has committed to buying, at A$1.1 billion, or US$0.7 billion.
With prior approval from the Foreign Investment Review Board (FIRB), all necessary transaction conditions have been fulfilled. The completion of the acquisition is expected to occur on July 1, 2024.
