The independents, who do not represent the interests of major shareholder Seven, cited independent expert Grant Samuel’s valuation of Boral shares between $6.50 to $7.13, exceeding the Seven offer of $6.05.
There are about 47,000 minority shareholders in Boral outside of the Seven Group, which controls around 72 per cent of the company. Seven launched a new buyout offer on February 19 of $6.05 per share in cash and scrip. The offer may go as high as $6.25 depending on the level of acceptances from minority shareholders and is worth around $1.9 billion. But it now has a fight on its hands to win over shareholders.
“Boral has not paid a dividend for two years and through a combination of limited franking credits and a significant investment program is unlikely to pay dividends for some time,” Mr Davis said.
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