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News » International » CRH moves forward with €3.5bn US acquisition » published 23 Oct 2017

CRH moves forward with €3.5bn US acquisition

Shareholders in a US cement manufacturer have approved a US$3.5bn (£2.65bn) takeover by CRH after considering another offer.

CRH has received approval from Ash Grove’s shareholders for the acquisition, which was announced last month (link opens in new tab).

On 21 September, CRH announced that it had reached an agreement to acquire Kansas-based Ash Grove Cement Company for a total consideration of US$3.5bn.

On 5 October, Ash Grove extended the period for obtaining shareholder approval for the transaction until 20 October as it had received an unsolicited, preliminary, non-binding competing acquisition proposal.

Ash Grove has now approved the CRH deal. The transaction remains subject to regulatory approval and is expected to close late this year or early in 2018.

 

MPU

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This article was published on 23 Oct 2017 (last updated on 23 Oct 2017).

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