Brick giant bidder raises offer price
The world’s largest brick maker moved closer to victory today in its year-long battle for smaller UK rival Baggeridge Brick.
Austria’s Wienerberger announced it had secured a controlling stake in Baggeridge and upped its offer to 247p a share, valuing the company at around £102m (€151m).
Wienerberger first tabled an offer last August, worth £89.2m (€132m), but has raised its bid three times in an attempt to see through the deal, which will see the UK’s third and fourth largest brick makers join forces.
Just last month Wienerberger hiked its offer to £90.9m (€135m) to fend off a potential rival bid from Michelmersh Brick, which had built up a 17% stake in Baggeridge and said it was considering a possible offer.
