The Kerry Stokes-controlled Seven Group Holdings tightened its grip on takeover target Boral on the final day of a takeover offer that has resulted in it owning two-thirds of the $8 billion building products group without paying a premium.
Fund managers say Seven Group comprehensively outplayed the Boral board over the past 11 weeks to secure control of one of Australia’s oldest industrial companies, first established in 1946 as Bitumen and Oil Refineries Australia Limited.
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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
