Boral extends takeover bid

Boral extends takeover bid
Published: 27 February 2004

Boral has extended the offer by a month to April 8, 2004 as it seeks approval from the Australian Competition and Consumer Commission (ACCC).  "Boral yesterday received a formal request from the ACCC seeking additional information in relation to the proposed acquisition of Adelaide Brighton," Boral said. "Boral understands that Adelaide Brighton has also received a request from the ACCC.  In early January, Boral upped its takeover bid for Australia’s largest cement and lime producer to A$1.60 per share, from the initial A$1.55 offer made in December last year.  As of February 25, Boral had a 24.62 per cent stake in Adelaide Brighton.  Market analysts have been concerned that the acquisition could lessen competition, especially within the Victorian cement market.  But Boral has indicated that it would be prepared to divest selected concrete masonry assets in South Australia, Victoria and NSW if required to do so by the ACCC.