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Saint-Gobain to take over Gibbs & Dandy

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - Builders merchant Gibbs and Dandy has agreed to a 425p a share recommended cash offer from Saint-Gobain Building Distribution (SGBD).

The offer, which was announced soon after the bell, values Gibbs and Dandy at £43m.

Shares in Gibbs and Dandy, which sells building materials from outlets in Slough, Luton and other towns in central and southern England, closed at 392.5p.

Saint-Gobain has received irrevocable undertakings to accept the offer in respect of about 27.82% of Gibbs & Dandy's issued share capital.

Gibbs and Dandy shares jumped in February after it confirmed press speculation that it was in discussions that may lead to an offer.

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