The offer, made up of cash and shares, values each BSS share at 435.8 pence, a 4.7% premium on Friday’s closing price of 416.2p.

Travis Perkins said it believed it could achieve pre-tax savings of at least £25m in 2013 through the deal, which will create the UK’s leading plumbing and heating distribution business.

The two companies have been in “advanced discussions” since May.

Robert Walker, the chairman of Travis Perkins said: “We believe that there is a strong strategic rationale for the acquisition of BSS. We are confident that this transaction can deliver significant value for the shareholders in the enlarged group.”

The deal is backed by BSS directors and major shareholders representing around 35% of BSS’s capital.

Besides Wickes, Travis Perkins owns the City Plumbing and Keyline chains, as well as its own stores.

Travis Perkins competes with Wolseley, which is the biggest building supplies company in the world, Saint-Gobain of France and Irish builders’ merchant Grafton.