Latest news with #Azek
AU Financial Review
2 days ago
- Business
- AU Financial Review
ASX seeks to calm investor anger with changes to listing rule waivers
The ASX is taking an initial, but important, step to calm investor anger over the hot-button issue of the bourse's granting of waivers to the listing rules. In April, the embattled ASX began conducting a wholesale review of the nation's listing rules, following a fierce backlash over James Hardie's $13 billion purchase of American company Azek. In that instance, a waiver was granted that allowed James Hardie to bypass a shareholder vote, issue new shares and make a wildly unpopular acquisition.
AU Financial Review
27-06-2025
- Business
- AU Financial Review
James Hardie off to NYSE after months of anger over Azek deal
Building products group James Hardie will shift its primary listing to the New York Stock Exchange after shareholders in US outdoor decking company Azek approved a $14 billion buyout which infuriated many Australian shareholders. Azek shareholders gave the green light to the cash and scrip deal at a meeting held on Friday (Saturday AEST). Shareholders in James Hardie were denied a vote after the ASX granted the company a waiver in a controversial move months ago.
AU Financial Review
30-05-2025
- Business
- AU Financial Review
James Hardie's merger to deliver Azek CEO $30m
The chief executive of outdoor decking group Azek will be entitled to more than $30 million if the controversial $14 billion takeover by building materials giant James Hardie proceeds, new documents show. The documents outline that the $US19.4 million ($30.1 million) payout will be made because Azek chief executive Jess Singh's role will become redundant if the merger is approved by shareholders in the United States next month.
AU Financial Review
30-05-2025
- Business
- AU Financial Review
James Hardie's controversial merger sees Azek CEO granted $30m payout
The chief executive of outdoor decking group Azek will be entitled to more than $30 million if the controversial $14 billion takeover by building materials giant James Hardie proceeds, new documents show. The documents outline that the $US19.4 million ($30.1 million) payout will be made because Azek chief executive Jess Singh's role will become redundant if the merger is approved by shareholders in the United States next month.
AU Financial Review
28-05-2025
- Business
- AU Financial Review
James Hardie quietly discloses debt blowout in $14b Azek deal
James Hardie has been forced to borrow more money and seek financing from a larger number of banks to complete the $14 billion buyout of American outdoor deck company Azek, a transaction that is already opposed by many of the building materials giant's shareholders. Documents filed with the Securities and Exchange Commission show the merger is expected to cost $US300.6 million ($467 million) to complete, almost entirely interest expenses related to a bridging loan. This is higher than the $US270.4 million investors were told earlier this year.
