The Grafton group confirmed last night it has reached an agreement to buy the Heiton Group in a cash and shares deal that values its rivals at around €336 million.
The offer is based on the Heiton's closing price on Wednesday of €6.65 and values each Heiton ordinary share at about €6.54.
Under the terms of the offer Heiton shareholders will receive €2.64 in cash per Heiton ordinary share or about 40 per cent of the purchase price. The remaining 60 per cent will comprise Grafton shares.
To proceed, the offer must be accepted by 80 per cent of Heiton shareholders and must be approved by the Competition Authority.
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A statement issued by the companies said Heiton's board would unanimously recommend that shareholders accept the offer.
