Boral Limited’s $2.6 Billion Acquisition of Headwaters

Von Wobeser y Sierra, Skadden, Alston & Bird, Herbert Smith Freehills and Clayton Utz advised on the deal

Boral finalizes the acquisition of Headwaters Incorporated for US$24.25 per share in cash, representing an aggregate enterprise value of approximately $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. Boral, headquartered in Sydney, Australia, is listed on the Australian Stock Exchange and has a market capitalization of A$4.6 billion with revenues of A$4.3 billion for the twelve months ended June 30, 2016.

Under 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.

Von Wobeser y Sierra advised Boral Limited with Luis Burgueño (Picture), Gloria Martinez Castillo, Laura Maldonado Ferrer and Roberto Rosas Rangel.

In US, Skadden, Arps, Slate, Meagher & Flom LLP advised Boral Limited with Peter Serating, June Dipchand and Kenneth Schwartz.

Alston & Bird advised Boral Limited with Adam Biegel, Darren Hauck, John Snyder, Leslie Overton, Hilla Shimshoni, Tony Greene and Victoria Kulik.

Herbert Smith Freehills advised Boral Limited with Philippa Stone, Justin Pelly, Adam Jeffrey, Siddhartha Sivaramakrishnan. Socio senior Jin Kong, Jade Winterburn, Charlotte Cameron, Victoria Mataczynski and Thomas Mawson.

In Australia, Clayton Utz advised Citigroup Global Markets Australia Pty Limited, J.P. Morgan Australia Limited and Macquarie Capital (Australia) Limited with Stuart Byrne and Matt Bourke.


Involved fees earner: Luis Burgueño – Von Wobeser y Sierra SC; Gloria Martínez – Von Wobeser y Sierra SC; Laura Maldonado – Von Wobeser y Sierra SC; Roberto Rosas – Von Wobeser y Sierra SC; Philippa Stone – Herbert Smith Freehills; Justin Pelly – Herbert Smith Freehills; Victoria Mataczynski – Herbert Smith Freehills; Thomas Mawson – Herbert Smith Freehills; Justin Pelly – Herbert Smith Freehills; Siddhartha Sivaramakrishnan – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills; Adam Biegel – Alston & Bird LLP; John Snyder – Alston & Bird LLP; Leslie Overton – Alston & Bird LLP; Hilla Shimshoni – Alston & Bird LLP; Anthony Greene – Alston & Bird LLP; Darren Hauck – Alston & Bird LLP; Victoria Kulik – Alston & Bird LLP; Stuart Byrne – Clayton Utz; Matt Bourke – Clayton Utz; Peter Serating – Skadden Arps Slate Meager & Flom; June Dipchand – Skadden Arps Slate Meager & Flom; Kenneth Schwartz – Skadden Arps Slate Meager & Flom;

Law Firms: Von Wobeser y Sierra SC; Herbert Smith Freehills; Alston & Bird LLP; Clayton Utz; Skadden Arps Slate Meager & Flom;

Clients: Citigroup Global Markets Ltd; JP Morgan; Boral Ltd.; Macquarie Capital;


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Author: Ambrogio Visconti.