The expert firm hired by Boral’s independent directors has cut its valuation range for the building materials group, which claimed a week ago that there were fundamental errors in its work. But Grant Samuel’s lower valuation has not changed the advice from Boral’s independent directors that shareholders should reject Seven’s $1.9 billion buyout offer.
The expert firm hired by Boral ’s independent directors has cut its valuation range for the building materials group, which claimed a week ago that there were fundamental errors in its work. But Grant Samuel ’s lower valuation has not changed the advice from Boral ’s independent directors that shareholders should reject Seven ’s $1.9 billion buyout offer .
Seven had previously said its work had “fundamental errors”, leading Grant Samuel to lower its valuation range for Boral by 8¢ per share in a note to investors. Its revised work values Boral shares at between $6.42 to $7.05, compared with an original guide between $6.50 and $7.13. Seven launched its buyout offer on February 19 at $6.05 per share, which may go as high as $6.25 depending on the level of acceptances.Despite the change, Boral’s lead independent director, Rob Sindel, said on Thursday that there was an “unchanged conclusion” that the offer was “not fair and not reasonable
Boral Valuation Range Building Materials Errors Independent Directors Reject Buyout Offer Seven Grant Samuel
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