The takeover of Adelaide-based concrete firm Adbri is nearing completion after almost all votes cast at a meeting of shareholders on Wednesday were in favour of a consortium’s $2.1 billion bid.

Dublin-based CRH’s Australian subsidiary and Victorian building materials firm Barro Group formalised their offer to buy Adbri for $3.20 per share in February, including a plum 41 per cent premium for shareholders.

Barro Group is Adbri’s largest shareholder at 42.7 per cent, and two of Adbri’s directors are Barro family members – including Adbri chair Raymond Barro.

That premium got shareholders over the line, with 97.54 per cent of votes cast in favour of the deal.

Adbri is now set to delist from the ASX on Monday 17 June following anticipated court approval of the deal at a hearing tomorrow. Last month, the deal was approved by the Foreign Investment Review Board (FIRB).

Formerly named Adelaide Brighton, the company has been headquartered in Adelaide since it was founded in 1882.

It is also one of Adelaide’s top ten companies in InDaily‘s 2023 South Australian Business Index, and its acquisition will mean about $2 billion in value will be wiped off that Index once the Dublin-based CRH takes control.

Samantha Hogg, chair of an independent board committee established to assess the deal considering the Barro Group’s ties to the Adbri board, said she was “pleased” with the support of shareholders.

“This is a strong endorsement from shareholders on the compelling value realised through the transaction and for the next chapter of Adbri,” Hogg said.

“Once the scheme is implemented, Adbri will be part of a global building materials business. A combined CRH and Adbri will bring growth opportunities, new talent and innovation to continue to strengthen Adbri’s product offering in Australia.

“I extend my thanks on behalf of Adbri to all our shareholders for their support of Adbri throughout its long history, as well as our employees, partners, customers and suppliers.”