In today’s briefing:
- Boral Backs Seven’s “Enhanced” Offer
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Boral Backs Seven’s “Enhanced” Offer
- After Boral (BLD AU) rejected Seven Group (SVW AU)‘s cash/scrip Offer, Seven slammed the Independent Expert’s report, calling the Target Statement “unbalanced, selective and risks fundamentally misleading Boral minority shareholders“.
- Seven has now waived certain tendering thresholds, increasing the cash terms to A$1.70/share from A$1.50/share. Boral will also pay a fully-franked dividend of A$0.26/share, providing A$0.11/share of franking credits.
- The IE now considers the Offer to be reasonable. Boral’s board recommends shareholders to accept. This is done.