Australia's Boral dips on rejecting Seven Group's $1.3 bln offer

Boral

19/03/2024 24:39

** Shares of building product group Boral  BLD.AX  dip as
much as 1.6% to A$6.080, their biggest intra-day drop since
March 13 
    ** Co urges shareholders to reject its largest shareholder
Seven Group Holdings'  SVW.AX  A$1.9 billion ($1.25 billion)
offer for the rest of the stake it does not already own in co  
    ** Seven Group, which already owns nearly 72% of Boral
launched a bid last month to acquire full control 
    ** Says Independent expert deemed SVW's offer as "not fair
and not reasonable"
    ** Shares in Seven Group  SVW.AX  followed suit to drop as
much as 1.1% to A$40.47
    ** BLD rises 14.7% this year, as of last close, vs a 1.1%
increase in the benchmark S&P/ASX 200 index  .AXJO  


($1 = 1.5256 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))