James Hardie shares spike after completing AZEK takeover
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More news: Shares in James Hardie Industries have soared after the building products manufacturer completed its cash and stock takeover of outdoor living business AZEK, which has now de-listed from the New York Stock Exchange.
At 10:34am AEST, James Hardie’s share price had lifted 5.7% to $43.11.
James Hardie completes $12.8b takeover of AZEK
The news: Building products manufacturer James Hardie Industries has completed a USD8.4 billion ($12.8 billion) cash and stock takeover of outdoor living business AZEK, which has now de-listed from the New York Stock Exchange.
The numbers: Each AZEK stock was purchased for a value of USD54.18 per share. This was paid by James Hardie in $26.45 in cash and 1.034 of its ordinary shares, based on the closing stock price of $40.77 at an exchange rate of 0.6579 US dollars per Australian dollar.
The context: AZEK president Jon Skelly has been appointed president of AZEK Residential at the combined company, AZEK chief marketing officer Sam Toole has joined as chief marketing officer for AZEK Brands and AZEK global head of corporate development and strategy has joined as vice president, global strategy and corporate development.
AZEK chair Gary Hendrickson, along with AZEK directors Jesse Singh and Howard Heckes, will join the board of James Hardie.
Meanwhile, James Hardie director Harold Wiens retired from his position on 1 July.
James Hardie also told the exchange that it has received a draft class ruling from the Australian Taxation Office regarding the capital gains tax implications of the change in listing arrangements for those holding James Hardie shares on capital account.
