Australia's Seven Group sweetens buyout offer for Boral
(Reuters) -Diversified Australian investor Seven Group Holdings raised its offer on Tuesday to buy shares it does not already own in Boral to A$7.40 apiece, valuing the building materials supplier at A$8.75 billion ($6.62 billion).
Seven Group, which invests in mining, energy and media companies, sweetened the offer by 10 cents, calling it its “best and final” price.
An independent expert has estimated Boral’s fair market value to be between A$8.25 and A$9.13 per share.
Seven, which already owns more than 34.5% in Boral, also said “under no circumstances will SGH Bidder (a unit of Seven Group) effect a further increase to the consideration.”
($1 = 1.3217 Australian dollars)
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