CRH acquisition of Adbri receives approval
Independent shareholders approve Scheme of Arrangement for proposed acquisition of Adbri
CRH plc have announce that Adbri’s independent shareholders have approved the Scheme of Arrangement under which CRH and the Barro Group will acquire Adbri Ltd at the Scheme meeting held on 12 June 2024. The Scheme subsequently received Court approval on 14 June.
Under the approved Scheme, CRH will acquire the remaining 57% of the ordinary shares of Adbri not owned by Barro for the previously agreed cash consideration of A$3.20 per share. The offer values Adbri at an equity valuation of A$2.1 billion (US$1.4 billion) on a 100% basis and values the approximately 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 (US$0.7 billion).
Having previously secured Foreign Investment Review Board (FIRB) approval, all conditions of the transaction have now been satisfied and, based on the current timetable for implementation, completion is expected to occur on 1 July 2024.
Albert Manifold, chief executive of CRH, said: ‘We are pleased to receive independent Adbri shareholder and Court approval for the proposed acquisition of Adbri in partnership with the Barro family. Adbri is an attractive business with high-quality assets and leading market positions that complement our core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for our existing Australian business.
‘We look forward to working with the Barro family over the coming years to enhance the long-term growth and performance of Adbri.’
