Boral to Acquire Headwaters
Headwaters Inc. recently announced that it has entered into a binding merger agreement with Boral Ltd.
Headwaters Inc. recently announced that it has entered into a binding merger agreement with Boral Ltd. in which Boral will acquire Headwaters for $24.25 per share in cash, a total value of approximately $2.6 billion.
“This is a compelling transaction that delivers significant value to our shareholders,” said Kirk A. Benson, chairman and CEO of Headwaters. “Headwaters and Boral both have outstanding teams, and share a common commitment to delivering a premier selection of high-quality products to our customers. We are looking forward to working with Boral to ensure a smooth transition for our stakeholders, as we create one of the leading suppliers of building products and construction materials for infrastructure, new residential, repair and remodel, commercial and institutional construction.”
“This agreed transaction is the result of significant evaluation and engagement between our companies,” said Mike Kane, CEO and managing director of Boral. “The businesses of Headwaters are highly complementary with Boral’s existing U.S. operations, and the transaction price reflects our belief that there is strong commercial rationale for combining the two portfolios.”
The acquisition, which has been unanimously approved by the boards of directors of both companies, is subject to customary closing conditions, including Headwaters’ stockholder approval and regulatory approvals. It is expected to be completed in mid-2017.