Grafton group shareholders overwhelmingly accept Heiton bid
The board of building group Grafton has announced that all conditions of its proposed €336m acquisition offer for Heiton Holdings have now either been satisfied or waived. The offer has therefore been declared unconditional in all respects.
Grafton said that by 3pm yesterday, valid acceptances had been received in respect of 46,124,451 Heiton Ordinary Shares, representing 92.12% of the existing issued ordinary share capital of Heiton.
Grafton group chairman Michael Chadwick said: "Heiton Group is an excellent strategic fit with Grafton’s Irish and UK operations. We see opportunities for scale benefits from two geographically complementary businesses, for enhancing our product range and for serving customers.
"We intend to build on the respective strengths of both companies and plan to retain the identity of the trading operations in an integrated national network.
"The acquisition will create an Irish builders merchants and DIY group of scale with the ability to compete against major operators in both Irish and international markets."
