FRANKFURT Roof tile maker Braas Monier (BMSA.DE) said on Tuesday its board had approved plans to issue 3.9 million new shares to its stockholders and pay a special dividend, part of its agreement to be taken over by U.S. rival Standard Industries [GAFCO.UL].
Braas on Sunday agreed to be taken over by Standard Industries, ending its resistance to the bid after the U.S. group raised its offer, valuing the company at around $1.2 billion.
Standard Industries is offering 25.27 euros a share, which Braas said works out to about 28.50 euros per share including the bonus share issue and an interim dividend of 0.64 euros a share.
The dividend will be paid on Jan. 5, Braas said on Tuesday.
(Reporting by Maria Sheahan; Editing by Victoria Bryan)