Takeover Stand Off as BRCK Calls Time on Atlas Information Gathering

The proposed acquisition of BRCK, the construction products and contracting firm, by Atlas Holdings has stalled, with BRCK refusing to extend the information gathering period.

BRCK owns some well-known names in roofing and cladding, including CREST, Beacon and Excel Roofing and Leadcraft Roofing Contractors.

In February BRCK received an approach from Atlas to acquire all BRCK at 65 pence per share in cash, which was rejected as “fundamentally undervaluing” the business.

BRCK then gave Atlas access to more information about the company and held a meeting on 17 April with the CEO of BRCK providing further details. It says it also offered more meetings with its senior finance management team and provided more data about the company than is customary.

Atlas has now declared the information supplied was too limited and the timeframe is not sufficient to complete the due diligence required.

Atlas requested more information and an extension to the 28-day Takeover Code deadline which ends on 28 April 2026.

The Board of BRCK has said it does not intend to extend the deadline and Atlas has confirmed that it does not intend to make a firm offer for BRCK.

Six Month Window

However, under the Takeover Code rules, Atlas can make a further offer for BRCK within six months if the BRCK board agrees.

Justifying its decision not to extend the due diligence deadline, BRCK says it “sees no merit in an open-ended engagement” and wants “to avoid unnecessary distraction to management, disruption to the business and cost”.

BRCK has also issued a trading update for the financial year ended 31 March 2026. Its says it expects revenue growth of c.1.2% on the previous year, totalling £645 million and EBITDA of c.4.4% ahead of the prior year at approximately £52.3 million.

BRCK says the housing market, BSR delays and wet weather affected its performance in its H2 but it looks to the future with confidence and points to its diversified product and service offering as strengths.

Frank Hanna, Chief Executive Officer, said: “While external factors have presented headwinds, our strong financial position and our diversified offering mean we are exceptionally well-placed to capture significant value from the enduring structural demand across our end markets.”

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