CRH trumped by $3.8bn Ash Grove Cement bid

A bidding war has erupted over the US’S fifth largest cement maker after a mystery rival bidder trumped the offer made by the owner of Tarmac with a $3.8bn (£2.9bn) counter proposal.

The 11th-hour approach from an unnamed buyer values Ash Grove Cement at between $3.7bn and $3.8bn, which could thwart the plans of the Irish building materials group CRH, itself the largest concrete maker in the US, which made a $3.5bn offer last month.

According to reports, sources close to the deal have revealed the mystery bidder as North American cement maker Summit Materials.