Seven Group, controlled by billionaire Kerry Stokes, has stepped up the pressure in its push to buy out the rest of cement and asphalt group Boral.
Seven in an updated bidder’s statement released to the ASX on Tuesday said the 47,000 minority shareholders in Boral were not being given the full picture and their decisions about whether to accept the offer risked being skewed.
Kerry Stokes’ Seven Group Holdings, led by son Ryan Stokes, has caned the independent expert’s report by Grant Samuel.Seven’s chief executive Ryan Stokes is the chairman of Boral, with Seven holding just over 73 per cent of the takeover target.Seven’s offer was declared “best and final” when it was lobbed last month and is due to close on April 4, although Seven has the option of extending it.
Nor, it claimed, had the report addressed the impact of capital gains tax in its assessment of the surplus property assets.Seven reinforced on Tuesday that Boral was unlikely to pay dividends “for some time” – a view that is an increasing flashpoint in the Boral boardroom, with the independent directors saying last week that was a matter for the entire board, acting in the best interests of all shareholders.
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