Observation one: billionaires don’t get to be billionaires by overpaying for assets; two: they don’t appreciate those that stand in their way; and three: they can fight a little dirty. These themes are being played out in Kerry Stokes’ $3 billion play to mop up the 28 per cent of building materials giant Boral that he doesn’t already own.Seven declared the offer final, so the choice for investors is binary. They can’t negotiate for a higher price.
Two of the other major construction and building materials suppliers, CSR and Adbri, are already the subject of offers.Boral’s results in the first half of the 2024 financial year In the past, the industry participants have opted for volume over pricing. But evidence is emerging that it now looks to be moving to a more “rational” market.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How three Boral directors gave Kerry Stokes the fingerIn a gutsy move, three directors of the Boral board not aligned with Seven Group have moved against Kerry Stokes’ plan to acquire the rest of the company.
Source: smh - 🏆 6. / 80 Read more »
BLD ASX: Boral bristles for round two with formidable Ryan and Kerry StokesRyan Stokes wants to add the cement maker to his trophy cabinet. Will he and father Kerry get what they want, again? History says they’re hard to beat.
Source: FinancialReview - 🏆 2. / 90 Read more »
BLD ASX: The hidden danger in Boral’s board staring down StokesIt’s one thing to head into battle with a major shareholder, it is another to survive the war. Boral’s decision to fight Seven Group is admirable, but will have consequences.
Source: FinancialReview - 🏆 2. / 90 Read more »
BLD ASX: Boral independent directors say Stokes’ bid undervalues groupBoral’s minority shareholders have been urged to reject the bid from Seven Group, based on an independent expert finding the shares are worth up to $7.13.
Source: FinancialReview - 🏆 2. / 90 Read more »
SGH ASX: Ryan Stokes’ Boral bid comes with carrots and a big stickSeven’s bid to buy the rest of Boral comes with several sweeteners, but one big stick that could leave Boral investors in a tough spot.
Source: FinancialReview - 🏆 2. / 90 Read more »
Australia electricity prices: Power bills to fall; Boral slams Kerry Stokes’ Seven bid; Nvidia CEO’s insights in announcing super AI chipRead everything that’s happened in the news so far today.
Source: FinancialReview - 🏆 2. / 90 Read more »