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 [e-mail]

(END) Dow Jones Newswires

02-26-24 1705ET