Reliance Worldwide chairman Russell Chenu told the company's annual general meeting in Brisbane on Friday that the company had actively solicited alternative proposals but none had emerged that was better than Brookfield Capital Partners' $4.75-per-share takeover offer.
That offer is a 43 per cent premium to Reliance's average share price over the past six months and came after Reliance's board rejected three lower offers of $4.15, $4.25 and $4.50 per share in April and May.
"The board has reaffirmed its unanimous recommendation in favour of the scheme," Mr Chenu said.
It's expected that shareholders will vote on the takeover offer at a special scheme meeting in mid-December, and if they approve transaction would likely close in the first quarter of 2027.
Reliance was founded in 1949 in Brisbane as a small tool shop that sold innovative valve systems to improve the safety of hot water heaters.
It eventually listed on the ASX in 2016 and today has around 2800 employees across 58 global locations, specialising in push-to-connect water pipe fittings.
The company is developing a new line of stainless steel-based products that will launch in early 2027, replacing traditional brass products.
The company closed its brass casting manufacturing operations in Melbourne in June, affecting 85 employees, as part of this strategy.
Reliance shares were changing hands Friday at $4.47 a share, up 2.1 per cent from Thursday's close.
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