Kingspan Group has today announced a mandatory cash offer of 2.66 billion Swedish crowns ($242.64m) for the shares it does not already own in Nordic Waterproofing.
The Co-Cavan based insulation and builders materials group currently owns 30.9% of Nordic Waterproofing.
Kingspan said the deal will be fully financed by its own cash and credit facilities.
Gene Murtagh, chief executive of Kingspan, said the company had "admired" Nordic Waterproofing for some time due to its strong product and service offering across the Nordic region.
He said the company is a complementary geographical fit with Kingspan's expanding Roofing and waterproofing division.
"We will continue to develop the business regionally with an enhanced range of roofing solutions," Mr Murtagh said.
"It is a great validation of the attractiveness of our offer that so far several of the company's larger shareholders have sold their shares to Kingspan. Remaining shareholders will now receive a mandatory offer at the same level," he added.
The offer constitutes a premium of 13.8% on the closing price of 140.6 crowns for Nordic Waterproofing's on September 13 and a discount of 1.2% compared to the closing price of 162 yesterday.
In a note, Davy Stockbrokers said the deal would add significant scale to Kingspan's Roofing + Waterproofing division and just over 3% to group operating profit on a pro-forma full year basis.
