James Hardie writes to shareholders over Azek merger
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The news: The board of James Hardie Industries has written a letter to the company's shareholders that confirms elements of its $14 billion merger with NYSE-listed outdoor living products maker AZEK.
The numbers: James Hardie shares were up 2.5% to $37.29 at 10:50am AEST. They shed 14.5% in a single session after the announcement of the merger last month.
The context: The building products group confirmed it will continue to maintain an independent chair and a majority of independent directors after the merger.
It also said it will "continue to align management remuneration with generation of shareholder value" and hold advisory votes on remuneration each year.
The company added it is not seeking foreign exempt listing status and would hold a shareholder vote before making any decision to change its ASX listing status.
The source: ASX
