What happened to Boral (BLD) shares today?
BLD +3.38%: one of the few to trade higher today, construction materials business Boral saw a bid from Kerry Stokes’ Seven Group (SVW). The bid wasn’t really too much of a surprise, SVW now owns over 23% of BLD shares with the raid beginning last year. The big curve ball was the price, with Seven offering $6.50/sh in cash, the same price as shares closed yesterday. Boral’s board was quick to reject the offer but it does signal the start of the dance between the respective boards. Shares traded at a premium to the offer price today on the view that a more attractive bid would eventuate.
