Saint-Gobain to acquire Continental Building for $37 per share

Tuesday, 12. November 2019 22:53

Continental Building Product has entered into a definitive merger deal with French construction material producer Saint Gobain, the company announced on Tuesday as it released its third-quarter earnings results. The transaction has been unanimously approved by the board of directors, while stockholders are yet to give their consent.

According to Continental Building Products, the value of the transaction will amount to approximately $1.4 billion, or $37 per common share in cash. Under the terms of the agreement, the Herndon, Virginia-based company will be "merged with and into a newly-formed subsidiary of Saint-Gobain."

"With our mutual focus on dedicated service to customers and operational excellence, we believe this transaction provides an opportunity to benefit all of our stakeholders," Chairman Edward Bosowski and CEO Jay Bachmann said commenting on the news.

Continental Building Products' shares rose 1.76% in the after-hours trading following the announcement.

Related Links: Saint-Gobain S.A.
Author:
Breaking the News / GG