Done deal: CRH cements acquisition of Ash Grove

By |  October 20, 2017

Ash Grove Cement shareholders approved the merger agreement the company struck in recent weeks with CRH, parent company of Oldcastle Materials, which bid $3.5 billion for the Kansas-based cement maker.

According to Ash Grove, stockholders representing about 63 percent of its outstanding voting stock delivered written consents approving the transaction with CRH.

The approval of CRH’s offer puts an end to a run for Ash Grove by Summit Materials, which reportedly submitted a bid of between $3.7 billion and $3.8 billion for Ash Grove. Ultimately, though, Summit did not submit a definitive proposal for Ash Grove.

The CRH-Ash Grove transaction is currently expected to close in late 2017 or early 2018, pending regulatory approval.

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