James Hardie’s $14 billion merger with New York-listed building materials group Azek has split the market with law firms threatening to sue alleging the price is too low at the same time as Australian brokers are warning the price is too high.
Shares in James Hardie, which is listed in Australia and in the United States, dived 15 per cent on Monday after the company announced plans to merge with Azek, which specialises in outdoor decking and furniture. James Hardie shares fell again on Tuesday, down 5.5 per cent, or $2.20, to $37.80.
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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
