Shareholders in a US cement manufacturer have approved a £2.65bn takeover by CRH after considering another offer.

On 21 September, CRH announced that it had reached an agreement to acquire Kansas-based Ash Grove Cement Company for a total consideration of US$3.5bn.

On 5 October, Ash Grove extended the period for obtaining shareholder approval for the transaction until 20 October as it had received an unsolicited, preliminary, non-binding competing acquisition proposal.

Ash Grove has now approved the CRH deal. The transaction remains subject to regulatory approval and is expected to close late this year or early in 2018.