Italtile board gives go-ahead for buyout of Ceramic Industries
The board of JSE-listed Italtile is satisfied that the acquisition of Ceramic Industries (CIL) and Ezee Tile Adhesive Manufacturers can proceed, notwithstanding the condition imposed by the Competition Tribunal.
The tribunal in August approved the acquisition on the condition that Italtile employees may not receive or gain access to any information of CIL relating to third-party customers. This includes information regarding the terms and conditions on which CIL contracts with its third-party customers.
CIL, in which Italtile already owns 21%, is Italtile’s primary supplier of tile, sanitaryware and baths, but it also supplies other customers, including Cashbuild, Massmart and Tiletoria.
Italtile will acquire 14.46-million CIL shares for R1.75-billion in cash and the issue of 150.94-million Italtile shares. This will raise its interest in CIL to 95.47%.
The acquisition will also result in Italtile increasing its interest in Ezee Tile, a manufacturer of grout, adhesives and related products, from 46% to 71.54%.
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