Business
Kerry Stokes thumbs a well-worn playbook for ‘$8 billion’ Boral bid – Sydney Morning Herald
Kerry Stokes’ nil-premium bid is designed to ensure Seven doesn’t end up spending $8 billion to gain effective control of the building materials giant.
Stokes doesnt want to pay $8 billion for 100 per cent of Boral, although he will have had to arrange financing for that unlikely outcome because thats what the Corporations Act requires. He doesnt want to pay a control premium or dilute too materially the leverage available from effective control of an $8 billion company from a holding of less than 50 per cent. It would be out of character for Stokes to pursue a more conventional takeover.
Seven already has a big enough holding to ensure that no…
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