CRH PLC have received US Federal Trade Commission authorisation for the acquisition of the Ash Grove Cement Company.
Ash Grove Cement Company today announced that its previously reported Agreement and Plan of Merger with CRH plc, under which CRH plc will acquire Ash Grove, has received clearance from the US Federal Trade Commission. All regulatory approvals required to close the merger have been obtained.
Under the terms of the merger agreement, Ash Grove stockholders will be entitled to receive a cash merger consideration comprised of a pro rata share (based on the number of shares of stock outstanding) of a US$3.5 billion enterprise value, minus adjustments for certain non-controlling interests and debt-like items and certain other liabilities, and further adjusted to the extent net working capital and cash on hand at closing vary from certain thresholds.
It is expected that approximately 98% of the merger consideration will be paid at the time of closing based on estimated information, and an additional amount, if any, will be paid following completion of a post-closing adjustment process intended to enclose the estimates to actual amounts as of the closing date.
The transaction is expected to close in June 2018, subject to satisfaction of customary conditions, though there can be no assurance regarding timing of the closing.
Read the article online at: https://www.worldcement.com/special-reports/18062018/ash-grove-cement-company-announces-approval-for-crh-plc-acquisition/