A colourful presentation from a boutique broker isn’t normally newsworthy – but remember who was first to call out Origin Energy’s bid.
Already a subscriber?As cement maker Boral’s independent directors put the finishing touches on what is sure to be a carefully worded takeover response, a familiar face has started a separate guerilla campaign targeting potential family office buyers.
“Family offices have the opportunity to acquire a 10-15 per cent stake in the company with the potential to more than double earnings in the long term,” it says. To be fair to Aitken, he stops well short of throwing spears at the Stokeses. His pitch is more about Boral – he says Boral is on path to significantly increase earnings in the next five years, could unlock billions in property value, and shareholders would realise more of those gains if the company remained independent and not a subsidiary of the larger Seven Group.
There is obviously a lot of water to go under the bridge before that could happen. Bansal’s turnaround is only 18 months in and has so far focused on lifting price and cutting costs. There has been no talk of internally separating anything. Reading the tea leaves, it seems likely Sindel’s independent board committee could reject the offer on valuation grounds, but leave the door open to shareholders to accept if they are concerned about the potential de-listing.
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