Wienerberger AG has signed an agreement with Arriscraft International Income Fund, a leading Canadian producer of manufactured stone, to acquire the Fund's operating units through its wholly owned subsidary General Shale Brick Inc., the U.S. based manufacturer of exterioor building materials.
The purchase price amounts to CAD $107 million. As per the terms of agreement, General Shale will pay redemption price of CAD $7.50 per unit to Arriscraft's unit holders through redemption of all outstanding units. Arriscraft International Limited Partnership and Arriscraft International Holdings (Canada) Inc. will be indirectly owned by General Shale.
The transaction is expected to be completed by July 2007.
Davis LLP represented Wienerberger AG, the world's largest brick manufacturer.