James Hardie chairwoman Anne Lloyd will meet major institutional investors on Monday to discuss a growing backlash among its Australian shareholders, who are angry they won’t get to vote on the building materials group’s $14 billion merger with US-based Azek.
The company’s board and management sought a waiver from the Australian Securities Exchange that cut out local shareholders from voting on the deal, even though their cash and scrip is being used to fund it. Many investors have declared the Azek deal “value-destructive”.
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