Somehow, several law firms in the United States are actually contemplating suing James Hardie’s $14 billion target – New York-listed building materials group Azek – because the price is too low. That must be a startling prospect for local investors such as Fidante Partners, who have voted with their feet and sent the James Hardie share price tumbling.
Not that many want to speak about it. There was total silence from big James Hardie investors from AustralianSuper to Ausbil on Monday. Still, a few are not so cowardly.
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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
