Reported about 19 hours ago
The Australian Securities Exchange (ASX) will reassess its shareholder approval requirements for significant corporate acquisitions after backlash from investors concerning James Hardie Industries' $8.75 billion acquisition of U.S. builder AZEK. The ASX had previously allowed James Hardie to bypass a shareholder vote, angering investors who expressed concern over the dilution of their interests and rights. They argue that current regulations unfairly enable companies to issue large shares without investor consent. James Hardie plans to hold a shareholder vote regarding its transition to a primary listing in New York, although the AZEK deal will proceed without their approval.
Source: YAHOO