Investors continue to punish building products group James Hardie for overpaying in its $14 billion bid for American group Azek, as US law firms explore potential legal action against Azek’s board.
James Hardie’s market capitalisation has fallen by at least $3.8 billion since it announced a deal on Monday to buy Azek, an outdoor decking group. Its shares are trading at their lowest level since mid-2023, falling 5 per cent in early trade on Tuesday to $37.98. This follows a decline of almost 15 per cent on Monday.
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