Chanticleer
Boral’s $2.9b US sale exposes Stokes’ lowball bid
The sale of Boral’s US building products business for $1 billion above market expectations makes Seven Group’s nil-premium merger look like a blatant attempt to take control of Boral on the cheap.
The sale of Boral’s North American building products business for $2.9 billion has triggered an angry response from the Kerry Stokes-controlled Seven Group Holdings, which is trying to gain control of Boral at $6.50 a share without offering a premium to minority shareholders.
The US asset disposal triggered a spike in the Boral share price on Monday to a 12-month high of $7.06 a share before the stock settled back around $6.80.
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