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.