Scheme of Arrangement Approval for Proposed Adbri Acquisition
14 Juni 2024 - 8:00AM
Business Wire
CRH plc (NYSE: CRH), the leading provider of building materials
solutions, is pleased to announce that Adbri’s Independent
Shareholders approved the Scheme of Arrangement (the “Scheme”)
under which CRH and the Barro Group (“Barro” and together with CRH
the “Partners”) will acquire Adbri Ltd. (“Adbri”) at the Scheme
Meeting held on June 12, 2024. The Scheme subsequently received
Court approval on June 14, 2024.
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 to the transaction have now been satisfied and based
on the current timetable for implementation, completion is expected
to occur on July 1, 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.”
About CRH
CRH (NYSE: CRH, LSE: CRH) is the leading provider of building
materials solutions that build, connect and improve our world.
Employing approximately 78,500 people at approximately 3,390
operating locations in 28 countries, CRH has market leadership
positions in both North America and Europe. As the essential
partner for transportation and critical utility infrastructure
projects, complex non-residential construction and outdoor living
solutions, CRH’s unique offering of materials, products and
value-added services helps to deliver a more resilient and
sustainable built environment. The company is ranked among sector
leaders by Environmental, Social and Governance (ESG) rating
agencies. A Fortune 500 company, CRH’s shares are listed on the
NYSE and the LSE.
Forward-Looking Statements
This document contains statements that are, or may be deemed to
be, forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995.
These forward-looking statements may generally, but not always,
be identified by the use of words such as "will", "believe",
"continues", "is expected to", “intends to” or similar expressions.
These forward-looking statements include all matters that are not
historical facts or matters of fact at the date of this
document.
This document contains statements that are, or may be deemed to
be, forward-looking statements with respect to the business and
future performance of CRH and certain of the plans and objectives
of CRH, including but not limited to statements regarding plans and
expectations in connection with the Scheme and CRH’s partnership
with Barro; plans and expectations related to completion of the
transaction; and plans and expectations regarding the benefits of
the proposed transaction and CRH’s presence in Australia.
Forward-looking statements are subject to risks, uncertainties
and other factors because they relate to events and depend on
circumstances that may or may not occur in the future and/or are
beyond CRH's control or precise estimate.
There are important factors, risks and uncertainties that could
cause actual outcomes and results to be materially different,
including risks and uncertainties relating to CRH described in Item
1.A – Risk Factors of CRH’s Annual Report on Form 10-K for the year
ended December 31, 2023 and CRH’s other filings with the U.S.
Securities and Exchange Commission. You are cautioned not to place
undue reliance on any forward-looking statements. These
forward-looking statements are made as of the date of this
document. CRH expressly disclaims any obligation or undertaking to
publicly update or revise these forward-looking statements other
than as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240613209343/en/
Albert Manifold, Chief Executive Jim Mintern, Chief Financial
Officer Frank Heisterkamp, Director of Capital Markets & ESG
Tom Holmes, Head of Investor Relations
ir@crh.com
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