Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report
In its 19th March Target Statement, Boral (BLD AU) rejected Seven Group Holdings (SVW AU) cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.
In its updated Bidder's Statement, Seven slammed the IE report and its conclusions, calling the Target Statement "unbalanced, selective and risks fundamentally misleading Boral minority shareholders".
Of interest: the IE's maximum value for Seven's Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021.
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