LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for CRH PLC (NYSE: CRH), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CRH. The Company announced on October 20, 2017, that its previously announced acquisition of Ash Grove Cement Company has received the approval from a majority of shareholders of Ash Grove. CRH PLC had announced the acquisition of Ash Grove on September 21, 2017 for a total consideration of $3.5 billion. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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With the receipt of shareholder's approval, the deal is expected to move towards closure by late Q4 2017 or in early Q1 2018. The transaction is subjected to certain regulatory approvals and other closing conditions.

Ash Grove receives a competitive proposal from a third party

On September 21, CRH PLC had announced the acquisition of Ash Grove for $3.5 billion. The deal was awaiting approval from Ash Grove's shareholders and is expected to close in Q4 2017. However, on October 05, 2017, Ash Grove disclosed that it had received a counter-proposal for acquisition from a third party, Summit Materials, LLC ("Summit"). Summit's offer was in the $3.7 billion to $3.8 billion range. Following this, Ash Grove's Board of Directors found the counter-proposal from Summit to be a superior one and started the dialogue with the latter. Ash Grove kept CRH PLC updated on the new proposal and related developments. Ash Grove also informed CRH PLC that as per the terms of the agreement signed with CRH, the "window shop period" for the new proposal was extended till October 20, 2017, with no guarantees that Ash Grove would finalize the deal with Summit at the end of its deliberations.

Ash Grove had scheduled the Special Meeting for its shareholders to for Vote on Merger Agreement with CRH PLC as November 01, 2017.

Way forward

During the shareholders meeting held on October 20, 2017, Ash Grove's management disclosed that following the update provided to CRH PLC, it had shared confidential information to Summit. Ash Grove management was confident of receiving a superior offer from Summit. However, Summit did not make a definitive offer to Ash Grove, even though it shared its confidential information. At the shareholders meeting on October 20, 2017, a majority of shareholders gave their written consent for the Ash Grove/CRH PLC deal. Since the majority shareholders of Ash Grove have already approved the merger with CRH PLC, Ash Grove's Special Shareholders Meeting scheduled for November 01, 2017, to vote on the same matter was canceled.

This paves way for the finalization of the Ash Grove/CRH PLC deal. CRH PLC has further shared that it would be giving more information and update on the deal with Ash Grove on November 21, 2017, as a part of its Trading Update.

About Ash Grove Cement Co.

Overland Park, Kansas based Ash Grove is a leading cement manufacturer and the fifth largest cement producer in the US with a history of over 135 years. Ash Grove manufactures portland and masonry cements at its eight cement plants located throughout the Midwest, Texas, and Western US. Additionally, the Company operates 52 ready-mixed concrete plants, 25 sand and gravel plants, 20 limestone quarries and nine packaged products plants.

Ash Grove has over $2.5 billion in gross assets and reported a profit before tax of $215 million for FY16.

About CRH PLC

Dublin, Ireland based CRH PLC is leader in the global building materials industry. It is the largest building materials Company in North America, the largest heavy side player in Europe, and has strategic positions in Asia. The Company provides a range of building materials for the construction industry - from building foundations to frame and roofing, to fitting out the interior space and improving the exterior environment, on-site works and infrastructural projects. The Company is present in over 31 countries worldwide with offices in 3,800 locations and employs over 87,000 people.

CRH PLC reported revenue of ?27.1 billion in FY16.

Last Close Stock Review

CRH PLC's share price finished yesterday's trading session at $36.98, marginally up 0.79%. A total volume of 309.79 thousand shares have exchanged hands. The Company's stock price rallied 4.73% in the last three months, 2.15% in the past six months, and 11.72% in the previous twelve months. Additionally, the stock gained 7.56% since the start of the year. Shares of the Company have a PE ratio of 19.70 and have a dividend yield of 1.95%. The stock currently has a market cap of $30.86 billion.

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