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2/22, 2:29 PM (Source: TeleTrader)
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Quikrete to take Forterra private for $2.74 billion

Quikrete Holdings Inc. has reached an agreement to acquire Forterra Inc. for $2.74 billion in an all-cash deal, the companies announced on Monday.

According to the terms of the agreement, the Atlanta-based manufacturer will pay $24.00 per share of Forterra, a 39% premium on the company's 90-day volume-weighted average share price on February 19. The transaction is expected to close in the fourth quarter this year, after which Forterra will go private.

"Forterra and Quikrete are an ideal strategic fit, and this combination is a natural next step for our company, enabling us to better serve our customers across the company on their concrete projects from start to finish," Will Magill, chief executive of Quikrete said in the press release.

Breaking the News / MD