Fletcher Building surges after confirming inbound acquisition interest
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More news: Fletcher Building shares rose nearly 10% in morning trade after the building products group confirmed it had received inquiries by a number of interested suitors regarding the sale of its various businesses.
Fletcher shares were up 9.6% to $3.07 at 10:45am AEST, after dropping sharply last week after casino operator SkyCity Entertainment sued the company over the delayed construction of the New Zealand International Convention Centre in Auckland.
Fletcher Building confirms 'inbound inquiries' for construction arm, others
The news: Building materials supplier Fletcher Building said it has received "ongoing inbound inquiries" from numerous parties interested in acquiring its various businesses, following the announcement of its strategic review last year.
The context: Fletcher confirmed it has received interest in the acquisition of its construction division, among others. However, the company advised that no decisions have been made to sell any of its businesses.
More details of the outcomes of its strategic review will be provided at an investor day on 24 June, it said.
Last month, Fletcher announced a restructure of its businesses as a result of the strategic review, which included the departure of its Australian division CEO, Gareth O’Reilly.
The source: ASX
