CRH agreed to buy Arcosa at US$150 per share in cash, about US$8.5B. How do you think about the spread on a big strategic cash deal?
CRH plc, the Irish-headquartered building materials group, agreed in June 2026 to acquire Arcosa, a US provider of infrastructure-related products and construction materials, in an all-cash deal at US$150 per share, valued at about US$8.5B. For event-driven folks, a large strategic all-cash deal has a different risk set than a leveraged buyout. There is no financing story to worry about in the same way, but there may be antitrust review given the overlap in construction materials. I do not know how the market is trading the spread, so I am asking rather than telling. How do you size a position in a deal like this? What do you look at first, the regulatory path, the timeline to close, or the chance of a topping bid? And does a foreign-headquartered buyer of a US company add anything you price in?
