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.
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