Boral To Acquire Headwaters Inc. For Aggregate Enterprise Value Of $2.6 Bln

(RTTNews) - Headwaters Inc. (HW), a building products company dedicated to improving lives through innovative advancements in construction materials, announced that it has entered into a binding merger agreement with Boral Limited pursuant to which Boral will acquire Headwaters Incorporated for US$24.25 per share in cash, representing an aggregate enterprise value of approximately US$2.6 billion.

Boral is Australia's largest building and construction materials supplier and has an existing presence in the North American building and construction materials industry, with strong positions in bricks, concrete and clay roof tiles, manufactured stone and fly ash, and a developing light building products business.

As per the terms of the transaction, Headwaters' stockholders will receive US$24.25 per share in cash. This offer price represents a 21% premium to Headwaters' closing stock price on November 18, 2016, and a 34% premium over Headwaters' 30-day volume-weighted average closing stock price through November 18, 2016.

The Acquisition, which has been unanimously approved by the boards of directors of both companies, is subject to customary closing conditions, including Headwaters' stockholder approval and regulatory approvals, and is expected to be completed in mid-calendar year 2017.