Big River Industries, the Grafton-based timber and building-products distributor, has agreed to a cash takeover by CTL (Aust) Pty Ltd at A$1.62 a share, valuing it at about A$216m including debt, the company said on 13 November 2026.
Why CTL (Aust) Pty Ltd (Kanji Group) is buying Big River Industries Limited
Big River's board said the scheme gives shareholders certainty of cash value at an attractive premium in an uncertain operating environment, which may not otherwise be available given its concentrated register and limited liquidity. CTL, part of businesses associated with Shan Kanji that have manufacturing and distribution interests across Australia and New Zealand, said it intends to invest in the business for the long term and support organic and acquisition-led growth.
Deal terms and financing
CTL will acquire the shares it does not already own by scheme of arrangement for A$1.62 each in cash, reduced by any fully franked special dividend of up to A$0.21 paid before the scheme becomes effective. The price is a 45.9% premium to the A$1.11 close on 12 November. CTL will fund the deal with cash and debt backed by a commitment letter; there is no financing condition.
Regulatory approvals and timing
The scheme requires ACCC merger clearance, approval by shareholders and the court, and an independent expert's conclusion that it is in shareholders' best interests. Implementation is targeted for the first quarter of 2027.
Market context
Funds managed by Anacacia Capital (28.8%) and NAOS Asset Management (30.7%) have said they intend to vote for the scheme. The deed follows a series of unsolicited, non-binding proposals from CTL and a period of exclusive due diligence.
