Building materials and DIY group Grafton has increased its stake in Heiton to just over 29 per cent, marginally short of the level that would force Grafton to bid for its smaller rival.
In a statement today it was confirmed that Grafton and its wholly owned subsidiary Weeksbury bought a further 5.31 per cent stake in the company bringing their stake to 29.00955 per cent.
This followed a late trade in Heiton shares on the Dublin market yesterday afternoon when 5 per cent of the building materials firm changed hands in a single trade at €5 per share.
This share price values the company at €248 million. Grafton's market capitalisation is approximately five times greater.
Heiton shares closed yesterday 6 per cent ahead at €5 and today were ahead marginally on €5.02.
Shares in Grafton were flat this afternoon at €6.