Reliance Worldwide board backs $4bn Brookfield takeover
Summarised from 2 outlets · Updated 23 Oct, 03:32 · Archive
The board of Australian plumbing supplies company Reliance Worldwide has recommended shareholders accept Brookfield Capital Partners' $4.75-per-share takeover offer.
Reliance Worldwide's board has unanimously recommended shareholders accept Brookfield Capital Partners' takeover offer of $4.75 per share, valuing the Australian plumbing supplies company at $US2.8 billion ($4 billion). Chief executive Heath Sharp told the company's annual general meeting in Brisbane on Friday that the board had actively solicited alternative proposals but none had emerged that was better than Brookfield's offer, which represents a 43 per cent premium to Reliance's average share price over the past six months.
The board had previously rejected three lower offers from Brookfield of $4.15, $4.25 and $4.50 per share in April and May. Shareholders will vote on the takeover at a special scheme meeting in mid-December. If approved, the transaction is expected to close in the first quarter of 2027.
Reliance Worldwide was founded in 1949 in Brisbane as a tool shop and listed on the ASX in 2016. The company today has around 2,800 employees across 58 global locations, specialising in push-to-connect water pipe fittings. It is developing a new line of stainless steel-based products launching in early 2027 to replace traditional brass products, having closed its Melbourne brass casting manufacturing operations in June.
How it is being reported
- Plumbing company execs recommend $4b takeover offerReliance Worldwide's board says it couldn't find anyone willing to beat Brookfield's $4.75-per-share takeover offer and says shareholders should take the deal.The West Australian · 23 Oct, 02:59
- Plumbing company execs recommend $4b takeover offerReliance Worldwide's board says it couldn't find anyone willing to beat Brookfield's $4.75-per-share takeover offer and says shareholders should take the deal.Perth Now · 23 Oct, 02:59
In this story: Reliance Worldwide · Brookfield Capital Partners · Brisbane · Melbourne · Heath Sharp
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)