James Hardie Industries plc (JHX) Q1 2022 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Save
Share
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.
(Adds analyst comment, context)
May 11 (Reuters) - Australia’s Boral Ltd on Tuesday urged its shareholders to reject a takeover offer from diversified investor Seven Group Holdings, saying that the offer of buying Boral shares at no premium was “opportunistic” and undervalued the company.
Seven, whose interests range from industrial services to media companies, on Monday offered to buy all the shares it does not already own in Boral for A$6.50 per share.
The offer by billionaire Kerry Stokes’ Seven Group came on the heels of a stellar 36% rally in Boral shares this year, underpinned by a hot property market and after Seven failed to increase its stake in the construction materials maker to 30%.
Tech stocks drag ASX to 1.1 per cent loss
Save
Share
William McInnes
Oil traders have been buying up call options for Brent crude at $US100 a barrel, betting the economic recovery and a supply shortfall could push the price of oil to its highest level in more than six years.
Driven by record levels of stimulus and the global economic recovery, crude has been a particularly strong performer, with producers keeping supplies on the sideline to inflate margins amid subdued demand.
On Tuesday, the price of Brent dipped 0.8 per cent to $US67.77 a barrel, but derivatives traders are betting the price could begin to climb closer to $US90, or even $US100, a barrel in the next few months. However, a rally to triple digits is far from the consensus view.
GWA boss resigns in surprise for market, board
Share
Australian tap and toilet maker GWA’s chief executive, Tim Salt, surprised the market and his own board by revealing his resignation on Monday morning.
GWA described the departure of Mr Salt, 56, as an amicable resignation and one he has taken for personal reasons from a role that earned him $1.67 million last year.
Tim Salt, helping with transition this financial year.
James Alcock
The Australian Financial Review.
Mr McDonough also praised Mr Salt’s time at GWA, which makes products from $571 Dorf-branded rail showers to Caroma Smart Command systems for building managers, monitoring water usage in structures.