CRH said on Thursday that around 94 per cent of eligible shareholders have accepted the company’s 2-for-7 rights issue offer.
The Irish company raised EUR1.28bn (US$1.73bn) in the fully underwritten issue, giving it ammunition for acquisition opportunities created by a squeeze on rivals in the sector.
’The takeup is very encouraging. It’s a vindication of the company’s strategy. They have the war chest now so we would expect to see them buy a couple of long-term assets at discounted prices,’ said one Dublin-based dealer.
Shares in CRH, Ireland’s largest listed company with a market value of around EUR8.5bn, were up 0.45 per cent at EUR16 in early trade.