Australia's CSR gets $2.8 bln takeover offer from Saint-Gobain (updated)

CSR

21/02/2024 20:49

(Updates with offer details in paragraph 2, company comments in
paragraphs 3 and 4)
       Feb 22 (Reuters) - Australian building materials firm
CSR Ltd  CSR.AX  said on Thursday it has received a A$4.30
billion ($2.81 billion) non-binding takeover proposal from
French construction materials group Saint-Gobain  SGOB.PA .
    The offer price of A$9.0 per share is at a premium of 13.2%
to CSR's last close of A$7.95. On Wednesday, CSR shares soared
up to 17.4% before trading was paused following media report of
the takeover offer.
    "CSR is currently providing Saint-Gobain with confirmatory
due diligence access to progress to a binding transaction at an
agreed offer price of A$9.00 per share," the Sydney-based
construction materials firm said in a statement.
        "Following review of the proposal, the CSR board
unanimously resolved to pursue the proposal," it added.
    


($1 = 1.5284 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Shailesh
Kuber)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))