** Shares of James Hardie Industries JHX.AX fell as much as 9.4% to plunge to lowest since May 15, 2023
** The building materials supplier made an $8.75 billion buyout offer for outdoor deck maker AZEK AZEK.N two weeks ago
** JHX has lost A$5.3 billion ($3.31 billion) since it announced the buyout offer, since analysts are concerned that the price was based on a higher earnings multiple compared to other deals in the sector
** Stock on track for its biggest intraday loss since March 24
** Over 2.9 million shares change hands, vs the 30-day average of 2.6 million
** JHX down 24.6% YTD
(Reporting by Adwitiya Srivastava in Bengaluru)
((Adwitiya.Srivastava@thomsonreuters.com))
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