CRH Intends To Acquire Adbri

(RTTNews) - CRH plc (CRH, CRH.L), together with the Barro Group, have entered into an agreement with Adbri Ltd in relation to a potential deal to acquire Adbri. The partners have submitted a non-binding offer to acquire 100% of the ordinary shares of Adbri for a cash price of A$3.20 per share. Adbri, formerly known as Adelaide Brighton, is a building materials business in Australia, listed on the ASX.

As per the proposal, CRH would partner with Barro, an approximately 43% shareholder of Adbri. CRH currently has a 4.6% interest in Adbri via a cash settled derivative and would acquire the remaining approximately 57% of Adbri's shares not owned by Barro with the intention to delist Adbri from the ASX.

The Independent Board Committee of Adbri has agreed to provide CRH exclusive due diligence access to progress the proposal and plans to recommend that Adbri shareholders vote in favour of the proposed deal.