Boral’s independent directors have rejected Seven Group’s takeover of the concrete maker, claiming the cash and scrip deal that values the company at around $6.9 billion was not fair or reasonable and failed to account for Boral’s billion-dollar surplus property portfolio.but that could go as high as $6.25, a month ago, in the hope of acquiring the third of the building materials firm it didn’t already own.
The independent experts, Grant Samuel, settled on a fair value for Boral between $6.50 to $7.13 per share, saying the company’s outlook was robust with a turnaround strategy ahead of schedule and only partly completed. The building materials giant recently joined forces with property developer Logos to exploit its extensive property holdings by building an industrial estate on 450 hectares of a 1105-hectare former quarry in Deer Park in Melbourne’s north-western suburbs.Seven Group, controlled by billionaire Kerry Stokes and his son Ryan, holds 71.6 per cent of Boral and is offering to buy the remaining 28.4 per cent at an initial offer of 0.1116 of Seven Group shares and $1.50 cash for every Boral share.
Source: News Formal (newsformal.com)
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