Barros key to AdBri bid

Barros key to AdBri bid
Published: 20 January 2004

Australian building materials company, Boral, continues to negotiate the takeover of Adelaide Brighton. Boral has increased its bid for the cement company by $A0.05 to $A1.60. This values the business at about $A870 million with $A200 million in debt. The new offer is supported by the four independent directors. Boral is holding talks with the Barro family of Melbourne, who hold a 10 per cent stake. The offer is conditional on gaining 90 per cent control. UK company, RMC, holds 15 per cent but is thought to be willing to sell its remaining stake.