Boral Limited's response to takeover offer

Boral Limited (ASX: $BLD) has issued its first supplementary target's statement in response to the off-market takeover bid by Network Investment Holdings Pty Limited, a wholly owned subsidiary of Seven Group Holdings Limited, for all the ordinary shares in Boral. The supplementary statement supplements Boral's target's statement dated 19 March 2024 and has been lodged with the Australian Securities & Investments Commission today.

Executive commentary on SGH's Third Supplementary Bidder's Statement

The Bid Response Committee of the Boral Board continues to recommend that Boral Shareholders REJECT the SGH Offer and simply TAKE NO ACTION in relation to all the documents sent by SGH. Boral's business is expected to continue to deliver value for Boral Shareholders through sustainable double-digit returns and EBIT margins, sustainable free cash flow generation, and the development of Boral's property portfolio to deliver significant value creation to Boral Shareholders in future years. The BRC recommends shareholders read the Target's Statement in full and consider the SGH Offer having regard to their personal circumstances.

Summary of first supplementary target's statement

The first supplementary target's statement issued by Boral Limited provides an update in response to the off-market takeover bid by Network Investment Holdings Pty Limited. The statement includes the Bid Response Committee's recommendation for Boral Shareholders to REJECT the SGH Offer and TAKE NO ACTION. Boral's business is expected to continue delivering value through sustainable returns, EBIT margins, free cash flow generation, and property portfolio development. Shareholders are advised to consider the SGH Offer in light of their personal circumstances.