How three Boral directors gave Kerry Stokes the finger

  • 📰 smh
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 80%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

In 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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘Not fair and not reasonable’: Boral rejects Seven’s takeover offerBoral has rejected the takeover offer by Kerry Stokes’ Seven Group, claiming the $6.9 billion deal undervalued the company.
Source: smh - 🏆 6. / 80 Read more »