Landscaping specialists Marshalls have swooped in for a £535m acquisition of Marley Group, backed overwhelmingly by shareholders.
The FTSE-250 firm agreed the move with 99 per cent of its shareholders, after they helped raise almost £190m to fund the acquisition.
Marley, labelled the as the ‘Marshalls of roofing’, will help to shore up the new owner’s position in the main manufacturer for the ‘built environment’ market.
Welcoming the news, Marshalls’ chief executive officer, Martyn Coffey, said ‘Marley is a compelling strategic fit” which has “much in common across our businesses’
He added “the acquisition accelerates our progress towards becoming the UK’s leading manufacturer of products for the built environment”.
Shareholders responded positively to the developments, with Marshalls enjoying a 1.24 per cent bump on the FTSE 250 – trading at 612.5p per share.