Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, June 21, 2024

Article Excerpt

BIRD CONSTRUCTION INC., $24.97, symbol BDT on Toronto, is a Toronto-based construction company that provides contracting services to various commercial, institutional, retail, residential, water, energy, and civil sectors. It operates in all Canadian provinces. Bird announced on June 10, 2024, that it’s acquiring Jacob Bros Construction for $135 million. Bird will pay $97.2 million cash and issue 1.49 million shares to the owners of that firm. Vancouver-based Jacob Bros is a leading civil infrastructure construction business with diverse projects such as airports, bridges, rail, energy, and utilities. It also has expertise in specialized projects requiring purpose-built, custom solutions. The company has approximately 350 employees. Jacob Bros will be integrated into Bird’s Western Infrastructure business. The two shareholders of Jacob Bros, Scott Jacob, CEO, and Todd Jacob, chief operating officer, will then operate that new combined unit. In the three months ended March 31, 2024, Bird’s revenue rose 28.3% to $688.2 million from $536.5 million a year earlier. The increase was due to strong demand…