Reliance Worldwide Corporation Limited, together with its subsidiaries, engages in the design, manufacture, and supply of water flow, control, and monitoring products and solutions for the plumbing and heating industries. It offers a range of brass fittings; fitting systems, including push to connect, expansion, crimp, and clamp fittings; pipes; tubing, pipe connections, and other fluid control products; and plumbing valves and supplies. The company also delivers water supply lines, drain hoses, and installation kits; and provides waste and vent solutions, stormwater fittings, and PVC pressure fittings, as well as hose systems, timers, and garden and irrigation products. In addition, it offers products for pipe supports, firestop, and water heater installation.
Brookfield bids A$4.75 a share
Reliance Worldwide joined the ASX Growth Portfolio on 17 August. On 18 August the company told the market it had entered a process deed with Brookfield Capital Partners covering an unsolicited, non-binding proposal to acquire all of its shares for A$4.75 cash by scheme of arrangement.
The price sits 31.6% above the 17 August close of A$3.61, 32.8% above the three-month VWAP of A$3.58 and 43.2% above the six-month VWAP of A$3.32. It also clears the 52-week high of A$4.62. RWC last traded at A$4.75 in May. Shares resumed at A$4.46, up 23.5% on the day and 6.1% short of the offer, which leaves the market pricing some doubt that the scheme completes at A$4.75.
| Metric | Value |
| Offer price | A$4.75 cash per share |
| Enterprise value | ~A$4.1bn |
| FY26 EV/Adjusted EBITDA | 12.1x post-AASB16, 12.9x pre-AASB16 |
| Prior offers (Apr, May) | A$4.15, A$4.25, A$4.50 |
| Exclusivity period | 17 August to 15 September 2026 |
Brookfield made three earlier approaches in April and May, all of which the board rejected. RWC then opened its books for roughly eight weeks, which produced what the board called a meaningfully improved proposal, and Brookfield lifted its offer in early August.
The process deed runs four weeks and binds RWC to non-solicit, no talk with no fiduciary exception, and no due diligence restrictions. Brookfield must confirm in writing every seven days that it intends to proceed on price and terms. RWC can terminate if Brookfield walks back the proposal or if the board decides it will not recommend a deal. RWC reimburses Brookfield’s out-of-pocket costs up to US$5m in defined circumstances, including if the board refuses to sign a scheme implementation deed Brookfield stands ready to execute.
Any implementation deed will carry a go-shop provision: 30 days from signing for RWC to solicit rival bidders, provide due diligence and negotiate terms, with no obligation to tell Brookfield about approaches during that window. Brookfield holds a five business day matching right, and a break fee applies if RWC leaves for a superior proposal.
Completion depends on confirmatory due diligence, agreed deal documents, Brookfield investment committee approval and a unanimous board recommendation. The board says shareholders should take no action. Goldman Sachs and Oaktower Partnership advise on the financials, Herbert Smith Freehills Kramer on the legals.
RWC released FY26 results the same day. Net profit fell to US$6.3m from US$125m, after a US$103m charge for closing the Melbourne brass casting and forging sites. Net sales slipped 0.7% to US$1.3bn. The company expects no significant improvement in its major end markets in FY27, will pay no final dividend and has suspended the buyback. Citi analyst Samuel Seow told clients the bid “appears low” despite the premium, with earnings down 13% year on year and below normal levels, partly on US tariffs.
