Boral rejects sweetened Seven Group offer
Boral has told shareholders to reject a higher takeover bid by its largest shareholder, Kerry Stokes’ Seven Group, arguing it remains highly conditional and continues to undervalue the construction materials giant.
Seven Group on Friday lifted its offer by up to 90c a share, with several conditions attached, as it seeks to grow its 24.5 per cent stake. An existing $6.50 a share bid could increase to $7.30 a share but only if Seven Group secures 29.5 per cent of the company by July 2.
The price will lift to $7.40 a share if it reaches 34.5 per cent ownership by July 7 but Boral shot back and said there were no guarantees for investors despite the improved offer.
stock price target $1.97, page-43
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