Boral Limited
(ASX:BLD) has announced it has entered into a binding agreement to acquire Headwaters Incorporated, a New York Stock Exchange listed entity.
The acquisition of the building materials manufacturer will more than double Boral USA and deliver significant scale to Boral’s US fly ash business.
Boral will pay US$24.25 per share in cash, valuing the company at approximately US$2.6 billion.
The offer price is a 34 percent premium on the one month volume weighted average price of the stock.
Boral Limited reported a net profit of $256 million at 30 June 2016.