Argyle Industries Limited will spend approximately $1.5-billion to close on its project to buyout shareholders of Hardware & Lumber Limited (HL) by April 7 when those who have accepted its offer are slated to be paid.

Argyle’s takeover bid was launched on February 1 after acquiring 58.23 percent shareholding from GK on December 29.

An offer of $18.50 per share was made for the remaining 33-million ordinary stock units.

Payment for the units sought would amount to 624.24-million.

Up to March 3, Argyle owned 86.9-percent of H&L.