AZEK shareholders approve $14b takeover by James Hardie
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The news: Building products manufacturer James Hardie Industries has moved closer to securing its $14 billion buyout of New York-listed outdoor living products maker The AZEK Company, after the target's shareholders voted to approve the deal.
The numbers: The merger will see AZEK shareholders receive USD26.45 in cash and 1.0340 James Hardie shares to be listed on the New York Stock Exchange for each share of AZEK common stock they own.
The context: James Hardie shares shed 14.5% in one day after announcing the merger in March and have failed to recover in recent months.
On completion of the transaction — which is expected to close on 1 July — James Hardie and AZEK shareholders will own approximately 74% and 26% respectively of the combined company.
The source: ASX
