Redland agrees pounds 1.8bn bid from Lafarge
Wednesday 26 November 1997
The deal comes just hours before Redland was due to produce its final defence document confirming the pounds 800m sale of its 56.5 per cent stake in RBB, its European roof tiles subsidiary, to German family shareholders.
Redland had launched a spirited defence against Lafarge's original 320p a share offer. However it approached Lafarge yesterday in an attempt to to seal a higher offer before it finalised the sale of RBB.
Robert Napier, chief executive of Redland said: "Our aim was to beat the 320p offer. Our discussions showed us that there was more value than that in Redland; 345p in cash in these markets was in the best interests of our shareholders."
Bertrand Collomb, the chairman and chief executive, said yesterday: "I am delighted we have concluded an agreement with the board of Redland. It clears the way for the creation of a world-class company with great potential."
Analysts believe that the raised bid should be high enough to secure the acquisition of Redland, with other building groups unlikely to top it. Mr Napier and most of Redland's board are expected to leave Redland as Lafarge mounts a large-scale shake up of the merged group.
The deal marks the latest move in the overdue consolidation of the building materials industry, which has been dogged by over capacity.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...