Australia's Boral Ltd said on Thursday an independent expert's estimate valued its shares as much as 40% higher than suitor Seven Group Holdings Ltd's off-market takeover bid price, and asked shareholders to reject the offer.
Australia s Boral explores potential sale of struggling U S fly ash business reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
(Reuters) - Australia’s Boral Ltd said on Thursday it is exploring a potential sale, or a joint venture, as part of a review of its struggling North American fly ash business.
The move comes as the top Australian building materials maker is looking to exit the United States, in a retreat from its global expansion strategy that led to a hefty writedown in 2020.
Boral’s $1.8 billion acquisition of rival Headwaters in 2016 made the combined entity the largest supplier of fly ash in U.S. markets. However, since then, it has led to an impairment charge and earnings downgrades amid a soft housing market and a push towards cleaner forms of energy generation.
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Apr 14, 2021 9:34 PM
(Reuters) - Australia s Boral Ltd said on Thursday it is exploring a potential sale, or a joint venture, as part of a review of its struggling North American fly ash business.
The move comes as the top Australian building materials maker is looking to exit the United States, in a retreat from its global expansion strategy that led to a hefty writedown in 2020.
Boral s $1.8 billion acquisition of rival Headwaters in 2016 made the combined entity the largest supplier of fly ash in U.S. markets. However, since then, it has led to an impairment charge and earnings downgrades amid a soft housing market and a push towards cleaner forms of energy generation.