Irish building materials giant CRH and Victoria’s Barro family have made a $2.1 billion buyout proposal for cement maker Adbri, ending long-running boardroom tensions between the target and the Barros, who hold a 43 per cent stake.
The proposal was made at $3.20 a share, sending Adbri shares rocketing 32 per cent higher to $3 on Monday. The offer price is a 41 per cent premium to the previous closing level on Friday.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
