Readymix rejects approach from Kilsaran

Building materials group Readymix has rejected an approach from rival Kilsaran Concrete Products that offers 175 cents per share.

In a statement to the Dublin Stock Exchange this morning, Readymix said: "The opportunistic and unsolicited approach from Kilsaran is rejected on the basis that it significantly undervalues the worth and potential of Readymix".

The approach was made on March 28th.

British-based building materials group RMC holds a 63 per cent share in Readymix with the remaining 37 per cent held by institutional and private investors.

Bank of Ireland Asset Management is the largest of these, with a 10 per cent stake.

The business is considered in good shape, according to market analysts, and its share price of 168 cents this morning is well off last year's highs of 185 cents.