Heiton Group accepts 660 cent a share takeover offer by Grafton

BUILDERS merchants Heiton Group has accepted a 660 cent a share takeover bid from its larger rival Grafton.

The two sides have been in talks for the past few days to agree a price. The deal is a mixture of cash and Grafton shares and is the second offer that had been put to the Heiton board.

Grafton, which owns the Woodies DIY chain and is the largest builders merchants in the country, had approached Heitons in June with a 635 cent a share bid. That was rejected as not valuing Heitons fairly, and its chief executive Leo Martin described it as paltry.