Boral (BLD) $6.87

BLD +1.33%: a small move higher, however it comes against the backdrop of a 100+pt fall in the broader index today. The building products company announced it has agreed to sell its North American business to Westlake (WLK.NYSE) for the sum of $AU2.9b. The sale comes around 12 months after Boral found widespread manipulation of financial performance in the US arm leading to a number of departures and a write down of assets. Boral has had some interest out of Kerry Stokes’ Seven Group (SVW.ASX) which has been creeping up the substantial holder list before making an offer at $6.50/sh who slammed the deal as hurried. Today’s announcement said an independent review into the company saw value up to $9.13/sh, however the value attributed to the North American business was only as high as $A2.7b. Seven Group look to be playing ball at the moment and perhaps this sale will lead to a more attractive offer. Boral has indicated a large portion of the sale will be returned to shareholders, with a decision on the best method will be made upon settlement expected later in the year.

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Boral (BLD)

LAST UPDATED 21/06/2021 17:05

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Boral (BLD)

LAST UPDATED 21/06/2021 17:05