Heiton finally hammers out deal

THE long-awaited deal to match up Ireland’s leading builders merchants and DIY chains was finally hammered out last night, when Heiton’s board recommended the terms of a takeover offer from Grafton to its shareholders.

The takeover values Heiton, whose stores include Heiton Buckley, Atlantic Homecare and Cork Builders Providers, at €336 million or €6.54 per share. Heiton shares closed yesterday at €6.25.

Grafton, which owns Woodie’s DIY and the Chadwicks chain, will offer a mixture of cash and Grafton shares.