Aug 17 2015
Beacon Roofing Supply, Inc. announced today that it has received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with its acquisition of Roofing Supply Group.
As announced on July 27, 2015, Beacon has entered into a definitive merger agreement to acquire RSG, a leading roofing products distributor owned by investment firm Clayton, Dubilier & Rice (“CD&R”), in a cash and stock transaction valued at approximately $1.1 billion. The combined company is expected to generate over $3.7 billion in revenues across 356 locations, will significantly expand Beacon’s geographic footprint in the southern and western United States, and will be immediately accretive to adjusted earnings per share. The transaction is expected to close on October 1, 2015.
Paul Isabella, Beacon’s CEO and President, stated upon receipt of the Government’s early termination notice: "We are very pleased to receive prompt early termination of the HSR waiting period for our RSG acquisition. Everything remains on schedule for our anticipated October 1 closing, and we are excited for the combination of these two great companies, which will allow Beacon to provide even better service and broader product offerings to our customers, greater opportunities for our employees, and increased value for our shareholders.”
Source: http://www.beaconroofingsupply.com/