The board of building products group CSR has told its 50,000 shareholders to take no action for now on a $9-a-share buyout proposal from French conglomerate Saint-Gobain which values it at $4.3 billion.
CSR is one of Australia’s oldest companies after being founded as a sugar refiner in 1855. Its shares climbed by 5.2 per cent on the ASX to $8.36 after it came out of a trading pause imposed on Wednesday as its shares soared 17 per cent from Tuesday’s closing price of $6.77.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
