DUBLIN (dpa-AFX) - CRH plc (CRH, CRH.L), together with the Barro Group, have entered into a binding agreement with Adbri Ltd to buy the remaining 57% of the ordinary shares of Adbri not owned by Barro for cash consideration of A$3.20 per share, CRH said in a statement on Monday.
The Offer values Adbri at an equity valuation of A$2.1 billion or US$1.4 billion on a 100% basis and values the about 53% of issued share capital that the Partners do not currently have an interest in and which CRH has agreed to acquire at A$1.1 billion or US$0.7 billion.
A committee comprised of the independent directors of the Adbri Board has unanimously recommended that Adbri shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Adbri shareholders.
The proposed transaction is expected to complete in 2024.
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