Australia's James Hardie plunges to near 2-yr low as AZEK buyout concerns continue

James Hardie Industries

04/04/2025 06:07

** Shares of James Hardie Industries JHX.AX fell as much as 9.4% to plunge to lowest since May 15, 2023

** The building materials supplier made an $8.75 billion buyout offer for outdoor deck maker AZEK AZEK.N two weeks ago

** JHX has lost A$5.3 billion ($3.31 billion) since it announced the buyout offer, since analysts are concerned that the price was based on a higher earnings multiple compared to other deals in the sector

** Stock on track for its biggest intraday loss since March 24

** Over 2.9 million shares change hands, vs the 30-day average of 2.6 million

** JHX down 24.6% YTD

 (Reporting by Adwitiya Srivastava in Bengaluru)

 ((Adwitiya.Srivastava@thomsonreuters.com))