Beacon Roofing Supply, Inc. (NASDAQ: BECN) (“Beacon”) announced today the expiration of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), in connection with its acquisition of Allied Building Products Corp. (“Allied”). The waiting period expired on Monday, October 2, 2017. As announced on August 24, 2017, Beacon has entered into a definitive purchase agreement to acquire Allied, one of the country's largest exterior and interior building products distributors, from global diversified building products group CRH plc (LSE: CRH, ISE: CRG, NYSE: CRH) ("CRH") for $2.625 billion in cash. The transaction is expected to close on January 2, 2018.
Following the expiration of the waiting period, Paul Isabella, Beacon’s CEO and President, stated: "We are very pleased that the HSR waiting period now is behind us. Everything is on schedule for our anticipated January 2, 2018 closing, and we remain excited about the combination of these two great companies. This transformative acquisition 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.”
This release contains information about management’s view of Beacon’s future expectations, plans, and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historic or current facts and often use words such as “anticipate”, “estimate”, “expect”, “believe”, “will likely result”, “outlook”, “project” and other words and expressions of similar meaning. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the “Risk Factors” section of Beacon’s latest Form 10-K and subsequent SEC filings. The forward-looking statements included in this press release represent Beacon’s views as of the date of this press release and these views could change. However, while Beacon may elect to update these forward-looking statements at some point, Beacon specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing Beacon’s views as of any date subsequent to the date of this press release.
About Beacon Roofing Supply, Inc.
Founded in 1928, Beacon Roofing Supply, Inc. is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 383 branches throughout 48 states in the U.S. and 6 provinces in Canada. To learn more about Beacon and its family of regional brands, please visit www.becn.com.
Joseph Nowicki, Executive VP & CFO