Ash Grove approves $3.5 billion sale after rival bidder drops out

The sale of Ash Grove Cement Co. is back on track after the prospect of a bidding war faded into the dust.

The Overland Park, Kansas-based company said Friday that stockholders representing a majority of its shares voted in favor of a sale to CHR PLC. for $3.5 billion. Because of the approval, Ash Grove cancelled a scheduled Nov. 1 special stockholders meeting.

CRH announced its bid for Ash Grove on Sept. 21. But in early October, Summit Materials LLC stepped in with a proposal to buy Ash Grove for between $3.7 billion and $3.8 billion.

Ash Grove gave Summit until Friday to submit a definitive proposal after reviewing confidential company information. But Ash Grove said no firm offer was put forth.

The sale to CRH now is expected to close late this year or early next year, according to an Ash Grove release.

Read more: Kansas City Business Journal

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