Braas Monier's board approves bonus share issue, special dividend

Roof tile maker Braas Monier (BMSA.DE) said on Tuesday its board had approved plans to issue 3.9 million new shares to its stockholders and pay a special dividend, part of its agreement to be taken over by U.S. rival Standard Industries [GAFCO.UL].

Braas on Sunday agreed to be taken over by Standard Industries, ending its resistance to the bid after the U.S. group raised its offer, valuing the company at around $1.2 billion.

Standard Industries is offering 25.27 euros a share, which Braas said works out to about 28.50 euros per share including the bonus share issue and an interim dividend of 0.64 euros a share.

The dividend will be paid on Jan. 5, Braas said on Tuesday.

Source Reuters by Maria Sheahan; Editing by Victoria Bryan