Ireland’s Heiton Holdings and the Grafton Group are keeping their counsel over speculation that the former is being stalked by the latter.
Grafton – known in the UK for its Buildbase and Plumbase centres – has been increasing its stake in Heiton for the past two-and-a-half years, accelerating its share acquisitions in recent months with the com-pany now owning 22.5% at a cost of €30m.
Industry sources believe the investment is a forerunner to a fully fledged bid for Heiton which is valued at e138m compared with Grafton’s €430m.
However, they also believe any bid is likely to be rejected by Heiton’s board.
Asked about the possibility of a takeover bid, a Heiton spokesperson said: ‘It is company policy never to confirm or deny anything.’ A spokesperson for the Grafton Group said: ‘No comment.’
