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The offer price of A$9.0 per share is at a premium of 13.2% to CSR’s last close of A$7.95. On Wednesday, CSR shares soared up to 17.4% before trading was paused following media report of the takeover offer.
“CSR is currently providing Saint-Gobain with confirmatory due diligence access to progress to a binding transaction at an agreed offer price of A$9.00 per share,” the Sydney-based construction materials firm said in a statement.
“Following review of the proposal, the CSR board unanimously resolved to pursue the proposal,” it added.
($1 = 1.5284 Australian dollars)
