The board of Ash Grove Cement has declared a special dividend in connection with the pending acquisition by CRH. The dividend of US$100 per share of outstanding common stock and Class B common stock, and US$105 per share of outstanding Class D common stock, is contingent on the closing of the transaction.
“The special dividend will be payable to stockholders of record immediately priot to the effective time of the merger and will be paid following the effective time of the merger in conjunction with the payment of the merger consideration,” the company said.
The merger consideration is based on a pro rate 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.
The Company currently estimates that the final amount of merger consideration will be in the range of approximately US$456 – US$466 per share based on Ash Grove’s balance sheet as of 31 May 2018. The transaction is expected to close in June, following the receipt of regulatory approval from the US Federal Trade Commission (FTC).
Read the article online at: https://www.worldcement.com/the-americas/19062018/ash-grove-announces-special-dividend-in-connection-with-crh-transaction/