CRH plc and its partner, the Australian Barro Group, have entered into an agreement with ADBRI Ltd, formerly known as Adelaide Brighton, to acquire all ADBRI shares. The partners own a 47.6% minority stake and submitted a non-binding offer to acquire 100% of the ordinary shares of ADBRI for a cash price of A$3.20 per share (on 100% basis) and to delist the company from the ASX. The offer represents a multiple of approximately 9x the enterprise value of ADBRI to the expected 2023 underlying EBITDA, which corresponds to a cash consideration of A$1.1 billion (US$0.75 billion) for the final stake (photo: Birkenhead cement plant).