James Hardie's Weak Update Spurs Questions Before AZEK Vote -- Market Talk

Dow Jones

2025/05/22

2329 GMT [Dow Jones]--James Hardie Industries's soft 4Q update adds to questions ahead of a vote by AZEK shareholders on the ASX-listed building materials company's cash-and-stock takeover offer, Citi says. Analyst Samuel Seow says AZEK shareholders must now weigh an implied bid price that's some 11% lower than James Hardie's initial offer. To vote in favor of the deal they would also be accepting a more downbeat view of market share and a balance sheet that is looking increasingly stretched in an uncertain environment, Citi says. AZEK shareholders are likely to vote on the transaction in July or August. Citi retains a neutral call on James Hardie. (david.winning@wsj.com)

(END) Dow Jones Newswires

May 21, 2025 19:32 ET (23:32 GMT)

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