Investors seeks review of Australia's listing rules, say James Hardie-AZEK deal to hurt [Yahoo! Finance Canada]
The AZEK Company Inc. Class A (AZEK)
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Source: Yahoo! Finance Canada
The investors - which include top pension funds AustralianSuper and UniSuper and institutional investors Schroder Investment and Fidelity Australia - called on the ASX to make shareholder approval a condition for share issuance above a threshold as well as for modifications to listings. Some of the investors who have written to the ASX are shareholders in both James Hardie and AZEK. Reuters has reviewed a copy of the letter. James Hardie's plans to shift its primary listing to New York after the deal would mean Australian shareholders' ability to hold the management accountable will be diminished, they added. Under the deal, which is subject to regulatory approvals and expected to close in the second half of calendar year 2025, AZEK shareholders will get $26.45 in cash and 1.034 James Hardie shares for each AZEK share. "A shift of primary listing would result in a permanent alteration of the rights of James Hardie shareholders, as there are clear differences between the listi
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