Seven Group to fire starterâs gun on Boral offer
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Kerry Stokes-controlled Seven Group is set to officially open its takeover offer for Boral on Tuesday as the targetâs current share price leaves Boralâs 80,000 shareholders with little incentive to take it up.
Boral shares in early afternoon trading Monday were about $6.75 as Seven prepared to formally open its $6.50-per-share off-market takeover, scheduled to run for a month from May 25.
But Seven Groupâs holding has inched up to 23.39 per cent from 23.18 per cent in the past few weeks since the offer was announced on May 10. This is because Boral has been full tilt on a share buyback which is reducing the total amount of shares on issues, which has the practical effect of marginally lifting the Seven Group stake.