By Stuart CondieSYDNEY--Adbri shares hit a 19-month intraday high after the Australian building-materials supplier received a takeover offer from U.S.-listed CRH in partnership with its largest shareholder. CRH on Monday said that it and Australia's Barro Group had offered 3.20 Australian dollars (US$2.15) for each Adbri share they don't already own. Ireland-based CRH, which has a 4.6% interest via a cash-settled derivative, said it wants to acquire the 57% of Adbri's shares not owned by Barro. Adbri shares closed as high as A$7.05 in July 2018, but lost more than 80% of their value by October 2022, hitting a 17-year lowest close of A$1.37. They had rallied to A$2.27 prior to the non-binding offer by CRH and Barro.

Source: Wall Street Journal December 18, 2023 00:27 UTC