Latest news with #Azek
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.
AU Financial Review
19-05-2025
- Business
- AU Financial Review
The James Hardie and Azek merger makes no strategic sense
In what universe does the James Hardie and its merger with Azek make any strategic sense? The reasons given are spurious at best and read like something out of comedian Rob Sitch's television show Utopia. Every cliché has been rolled from cultural alignment to revenue synergies. The best companies – the good to great ones – almost always focus on one industry, or one niche product group within an industry, and are relentless in developing and protecting their competitive advantage. They focus on one space and own it. From the Coca-Cola Company to Cochlear it is sticking to your knitting and staying within your core area of competence that is the hallmark of most great and enduring companies, the companies that deliver excellent long-term compounding returns for shareholders.
