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Brickability Group PLC - Bracknell, Berkshire-based construction materials distributor - Unveils conditional acquisition of Taylor Maxwell Group (2017) Ltd, a supplier of timber and non-combustible cladding to the construction industry, for up to GBP63 million. Of consideration figure, GBP40 million is initial cash consideration, GBP10 million will be paid through 9.9 million shares, and the remaining up to GBP13 million is deferred, based upon meeting earnings performance targets. To finance acquisition, as well as help fund future deals, Brickability conditionally raises GBP55 million via placing of 57.9 million new shares at price of 95 pence each. The price represents discount of 8.2% to Tuesday closing price of 103.5p. In addition, to meet market demand, some selling shareholders have also conditionally raised a further GBP38 million through the sale of 40.0 million shares.
"The acquisition of Taylor Maxwell will bolster Brickability's leading position in UK brick distribution; offering cost and revenue synergies while being transformational in terms of the group's scale and relevance in the wider materials supply industry," says Chair John Richards.
Current stock price: 100.00 pence, down 3.4% on Wednesday
Year-to-date change: up 53%
By Lucy Heming; lucyheming@alliancenews.com
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