The Wall Street Journal: Standard Industries to buy German roof maker Braas Monier for $1.15 billion

Standard Industries Inc. on Sunday reached an agreement to acquire German roof maker Braas Monier Building Group SA after raising its offer in a deal that now values the sale at about €1.1 billion ($1.15 billion), up from about €1 billion initially, the companies said.

The pact ends a hostile takeover effort by Standard Industries, the U.S.-based owner of North America’s largest roof maker, GAF Materials Corp. Braas Monier BMSA, -1.67% , which is registered in Luxembourg but based close to Frankfurt, opposed the initial offer in October of €25 per share, arguing it undervalued the company.

The deal further solidifies Standard Industries position as a leading manufacturer of roofing products through its ownership of GAF and Danish rival Icopal, which it agreed in January to acquire for about €1 billion.

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