Existential angst caused by the merger of building materials groups ASX-listed James Hardie and Chicago neighbour Azek is here and now.
Local fund managers are apoplectic at James Hardie CEO Aaron Erter’s move to issue new shares to acquire Azek for $US9 billion ($14.9 billion). Worsened for the ASX’s decision to issue a waiver (without telling anyone), that means shareholders won’t get to vote on the deal that’ll shift the company’s centre to the US capital markets.
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Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com
