Shares in Boral Limited (ASX: BLD) are in the red today as Seven Group Holdings Ltd (ASX: SVW) gets closer to owning half of Boral's shares. Right now, the Boral share price is 0.54% lower than its previous close, with shares in the company swapping hands for $7.36.
At the same time, the Seven Group share price is flying higher. It's currently $22.82 – 3.35% more than yesterday's close.
The investment group's takeover bid for Boral is set to close at 7 pm tomorrow. However, it's starting to look like it will be extended once more.
Additionally, Boral finished its on-market share buy-back this morning, which may be affecting its share price as its shares won't be further concentrated.
Let's take a look.
The latest news on Seven Group's takeover bid
Today, ASX announced that Seven Group now owns 48.41% of all outstanding shares in Boral.
Thus far, Seven Group has managed to convince the owners of more than 534 million Boral shares to part ways with their holdings in the construction supplies company.
If Seven Group manages to get a hold of 1.59% more of Boral's shares, its takeover bid will be extended again.
Seven Group's holding in Boral has increased by around 4% every day this week.
The takeover was previously extended after Seven Group upped the amount it was willing to pay for Boral shares to $7.30 apiece, and $7.40 apiece if it acquired more than 35% of those available.
Originally, it had offered $6.50 per share, a nil premium on the Boral share price's previous close.
Boral is still pleading with its shareholders to reject Seven Group's bid. Though, its efforts don't seem to be having the desired effect.
Boral share price snapshot
Despite today's dip, the Boral share price has been performing well lately.
It's gained 47.9% year to date. It is also 96.6% higher than it was this time last year.
Seven Group share price overview
2021 hasn't been so good to the Seven Group share price.
It's fallen 5% this year so far. However, it's gained 34.6% over the last 12 months.
