Reliance Worldwide executives recommend $4 billion takeover

Reliance Worldwide executives have recommended that shareholders accept a $4 billion (US$2.8 billion) takeover offer from Brookfield Capital Partners. The offer of $4.75 per share represents a 43 per cent premium over the company’s average share price from the previous six months.

Chief Executive Heath Sharp stated at the company’s annual general meeting in Brisbane that while alternative proposals were solicited, none exceeded the Brookfield offer. This follows the board's rejection of three previous lower offers in April and May.

Shareholders are expected to vote on the proposal in mid-December. If approved, the transaction is projected to close in the first quarter of 2027. Reliance Worldwide, founded in 1949, currently employs approximately 2,800 people across 58 global locations and specializes in push-to-connect water pipe fittings.