Seven tightens grip on Boral boardroom
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Seven Group has tightened its grip on Boral after cruising through the 40 per cent ownership mark and enticing more investors to consider accepting a takeover offer, which the building materials company continues to reject as too cheap.
Seven Group CEO Ryan Stokes. The conglomerate has used the “creeping takeover” clause in its bid to seize Boral.
Janie Barrett
Seven must push its shareholding in Boral to at least 50 per cent by July 15 to extend the proposal for another fortnight. Should it fail, the offer will close on that date.
Tribeca Investment Partners portfolio manager Jun Bei Liu has so far passed on the all-cash $7.40 per share offer for the fund manager’s stake, but now admits she is “very close to” accepting.
Seven Group secures a third of Boral afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Stokes outfoxes the Boral board
Control of Boral is changing hands without a decent premium thanks to a masterful strategic play by Kerry Stokes, who was up against a board with poor defences.
Jul 7, 2021 – 11.22am
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West Australian billionaire Kerry Stokes is in the middle of pulling off the “bargain of the decade” with his purchase of effective control of building and construction products group Boral.
That’s the view of Sandon Capital’s Gabriel Radzyminski, who made a handsome profit on his Boral investment as the stock rose from a low of $2 in March last year to $7.39.
Radzyminski is one of several shareholders who pushed the Boral board to unlock value and then sold out. Others to do this were John Wylie’s Tanarra Capital and Paul Skamvougeras at Perpetual Investments.
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Stokes stake in Boral breezes past key threshold theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.