The managing board of Wienerberger recently announced that it now holds, has agreed to acquire or has received valid acceptances that represent more than 50% of Baggeridge Brick PLC. On June 6, Wienerberger agreed to purchase a 32% stake from the members of the Baggeridge board of directors, as well as the trustees of the P.A. Ward family trust, P.A. Ward and other shareholders. In addition, the company had also received approximately 8% of valid acceptances of its offer.
On June 14, Wienerberger purchased 10.3% of the outstanding shares in Baggeridge from Trafalgar Asset Management Limited and RAB Capital PLC. The total purchase price for the acquisition is expected to be £99.8 million (~197.3 million), and a quick closing is expected.
“We are very pleased finally to have agreed to secure a controlling stake in Baggeridge,” said Wolfgang Reithofer, CEO of Wienerberger AG. “It was our intention to bring to an end the uncertainty to the company, its employees and shareholders. We are confident that we can accelerate the positive closing of this acquisition and quickly integrate and develop Baggeridge within our group.”
Wienerberger’s website is located at www.wienerberger.com