Australia's Boral jumps on $1.2 bln offer from Seven Group for full control

Boral

18/02/2024 23:48

** Shares of building materials maker Boral Ltd  BLD.AX 
rise as much as 3.6% to A$6.060, highest level since Feb. 9
    ** BLD among top 10 gainers in the ASX 200 benchmark index
 .AXJO 
    ** BLD gets an A$6.05 per-share offer from top shareholder
Seven Group Holdings  SVW.AX  to buy 28.4% stake in BLD it does
not already own
    ** Offer implies valuation of A$1.90 bln ($1.24 bln) for
28.4% stake in BLD; values co at A$6.67 bln
    ** BLD currently trading at A$6.00, just shy of the offer
value
    ** BLD establishes an independent board committee to review
offer
    ** SVW shares down as much as 2.8% to A$39.630 in their
biggest intraday drop since Jan. 17

($1 = 1.5309 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))