Tarmac Brick acquisition confirmed

摘要

Following recent approaches from Ibstock pic to buy the brick interests of Tarmac pic (see IM May '95, p.15), a conditional acquisition agreement has finally been confirmed. Ibstock Building Products Ltd will pay ￡65.4m. in cash for Tarmac's clay brick and clay paver business, followed by a further sum payable on completion, reflecting capital expenditure incurred at Tarmac Brick since the last audit on 31 December 1994. Final agreement of the purchase is conditional on the approval of shareholders who will meet on 6 June this year, and clearance from the Office of Fair Trading. The acquisition of Tarmac Brick raises Ibstock's position to that of the UK's second largest brick manufacturer, with capacity of around 700m. bricks/year.