Kerry Stokes’ conglomerate Seven Group Holdings (ASX:SVW)
has now hit 52.7 per cent in Boral (ASX:BLD)
with an automatic two-week extension offering $7.40 per share for the building products company.
Seven Group also unveiled that it has an additional 3.33 per cent stake in Boral via an equity swap stretching its total interest in Boral up to 52.65 per cent.
They also confirmed that they will support a proposal that retains a majority of independent directors on the Boral board.
The company said “having a majority of independent directors has been an important feature” of Seven Group’s corporate governance for many years. It has helped them “drive value for the benefit” of all their shareholders and they look forward to “following the same approach for Boral”.
Shares in Seven Group Holdings (ASX:SVW)
are trading 1.44 per cent higher at $23.18 while shares in Boral (ASX:BLD)
are trading 0.5 per cent higher at $7.385.