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2020 / 2021 Edition

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Boral gain shareholder approval for US acquisition


Shareholders of Headwaters Inc. vote in favour of $2.6 billion acquisition by Boral Ltd

A VOTE by shareholders of Headwaters Inc. in relation to the acquisition of Headwaters by Boral Ltd proceeded as planned in the US on 3 February, with more than 98% of the votes cast in favour of the deal.

In December 2016, Boral announced that they had entered into a binding agreement to acquire Headwaters Inc. for US$24.25 per share in cash, representing an aggregate enterprise value of US$2.6 billion.

Headwaters are one of the leading manufacturers of building products and one of the largest marketers of fly ash in the US, with US$1.1 billion of revenue and adjusted EBITDA of US$218 million.

For Boral, the acquisition will be a transformative step, resulting in the company having three strong divisions: Boral Australia; the fast-growing USG Boral business in Asia, Australia and the Middle East; and Boral USA, a scaled building products and fly ash business with greater geographic reach, more diverse product offerings and strong growth prospects.

Boral are continuing to progress the required regulatory approvals and say they remain on track to complete the Headwaters transaction around the middle of 2017.

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