Materials Supplier Wants More from Takeover Offer

Brickability, now renamed BRCK Group PLC, has rejected an offer from US private equity firm Atlas Holdings LLC (owners of UK construction company Bovis).

On 17 February 2026 BRCK had received an unsolicited, indicative and non-binding approach from Atlas to acquire all BRCK shares.

To find out whether Atlas was prepared to improve its offer, the BRCK board says it engaged with the equity firm and provided some information on BRCK and its prospects to Atlas under a non-disclosure agreement.

On 17 March 2026, Atlas came back to BRCK with a cash offer of 65 pence per BRCK share. BRCK says the offer “fundamentally undervalued BRCK” and rejected the offer on 23 March 2026.

Now BRCK has agreed to provide “some further limited information” to Atlas, expecting the firm to improve its offer before it enters into a full due diligence process.

Takeover Offer

Atlas has responded by saying its offer was “a 62.5% premium to BRCK’s undisturbed share price of 41p as of 30 March; and a 46.7% premium to BRCK’s closing share price of 44p as of 16 March)”.

Atlas adds: “When making the proposal, Atlas stressed to the Board of BRCK that it would only be able to make a firm offer if it was given the opportunity to conduct thorough due diligence.

“While Atlas is prepared to study whatever information BRCK decides to provide, it is doubtful that ‘limited further information’ will enable it to confirm the proposal.”

Atlas ends: “Atlas believes that the proposal, which is subject to customary conditions including, as noted above, completion of thorough due diligence to the satisfaction of Atlas, would offer shareholders the opportunity to receive cash proceeds at a very significant premium to BRCK’s undisturbed share price. Any further announcement will be made in due course.”

Atlas is now required by regulatory rules to announce a firm intention to make an offer for BRCK by 28 April or confirm that it is closing the process.

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