In today’s briefing:
- Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer
Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer
- Adbri (ABC AU) has entered a scheme implementation deed with CRH (CRH US) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
- The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland.
- The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.
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