For all the investor opprobrium over its proposed acquisition of Chicago-headquartered decking business Azek, James Hardie shares appear to be on something of a comeback in the days after the deal was sealed.
To recap, James Hardie is shifting its primary listing from the ASX to New York and merging with Azek in a buyout worth $14 billion. Its shareholders have had no say whatsoever over this, with the deal structured by Jefferies bankers to only require approval from Azek investors. That came late last month, removing any uncertainty about the direction of the deal.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
