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John Wylieâs Tanarra Capital says the Kerry Stokes-controlled Seven Group is trying to gain control of Boral without paying a premium and also urged the building products group to sharply accelerate its plans to install a new board chairman.
Mr Wylie, the investment banker turned private-equity-style investor, said if Seven Group reached its aim of 30 per cent of Boral it would have effective control.
The Boral board says shareholders should reject the Seven Group offer, which offers no premium.Â
âSelf-evidently thereâs no premium in the bid. Itâs trying to gain control without paying a premium,â Mr Wylie said.
By Reuters Staff
1 Min Read
May 10 (Reuters) - Australia’s Seven Group Holdings made an off-market takeover offer for Boral on Monday that values the building materials supplier at A$7.91 billion ($6.23 billion).
Seven Group, which holds about a 23% stake in Boral through its unit Network Investment Holdings, will make an offer priced at A$6.50 per share for the remaining shares in Boral, it said.
$1 = 1.2700 Australian dollars Reporting by Sameer Manekar in Bengaluru; Editing by Amy Caren Daniel