Daily Brief Event-Driven: James Hardie (JHX AU)/Azek (AZEK US) Merger: Risky and more

In today’s briefing:

James Hardie (JHX AU)/Azek (AZEK US) Merger: Risky, Expensive, And Poor Governance
Capri Unstitched: A Versace Sale Could Unlock Value for CPRI
Event Driven: Delhivery Acquires Ecom Express as Distress Sale

James Hardie (JHX AU)/Azek (AZEK US) Merger: Risky, Expensive, And Poor Governance

On the 24th March, building materials outfit James Hardie Industries Plc (JHX AU) announced a cash/scrip merger with decking manufacturer Azek (AZEK US).
JHX is offering 1.034 new JHX shares plus US$26.45/share in cash for each Azek share, or an implied $56.88 all-in price (at the time), a punchy 37.4% premium to undisturbed.
Apart from pushback on pricing for Azek, JHX shareholders have voiced opposition over the ASX granting a waiver, allowing the merger to proceed without a vote from JHX shareholders

Capri Holdings’ sale of Versace to Prada removes a structurally weak asset, shifting its balance sheet from net debt to net cash, simplifying its brand portfolio for sharper strategic focus.
Post-Transaction, Capri trades at just 4.4x EBITDA despite becoming a leaner, debt-free luxury group with two globally recognized brands — a setup primed for significant multiple expansion and investor re-rating.
A sum-of-the-parts valuation excluding Versace suggests Capri’s fair value is $30–33 per share, offering investors over 100% upside as the company pivots from portfolio fixer-upper to focused luxury contender.

Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.

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