Ash Grove Cement receives US$3.8bn takeover proposal

CRH noted that an announcement by Ash Grove yesterday that the period for obtaining shareholder approval has been extended for its proposed acqusition. US cement maker Ash Grove Cement Co said on Thursday it received a larger takeover proposal valued at up to US$3.8bn, surpassing an earlier offer from Irish building materials firm CRH Plc.

CRH said last month it agreed to buy Ash Grove for a total consideration of US$3.5bn. Ash Grove said the new bid valued at US$3.7-US$3.8bn was expected to result in a superior offer.

Ash Grove has set a meeting on 1 November 2017 for shareholders to vote on the agreement with CRH. Responding to the rival offer, CRH said on Friday its proposal remains subject to approvals from Ash Grove shareholders.