Australia's Boral jumps on recommending Seven Group's revised $980 mln offer

Boral

12/04/2024 04:11

** Shares of building products maker Boral  BLD.AX  rises as
much as 2.3% to A$6.170, their highest since April 2
    ** Co recommends a takeover offer of up to A$1.5 billion
($980.40 million) from its largest shareholder Seven Group
Holdings  SVW.AX  after negotiating an increase in the cash
component of the deal
    ** Says, in new offer, BLD shareholders will receive the
equivalent of A$6.16 to A$6.39 per BLD share, including
dividends from both cos, and A$0.13 per share in franking
credits
    ** More than 1.6 mln shares change hands compared with the
30-day average volume of ~2.3 mln shares  
    ** Stock up 11.9% this year, as of last close, vs a 2.9%
increase in the benchmark S&P/ASX 200 index  .AXJO  



($1 = 1.5300 Australian dollars)

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