Overview

• The Australian Securities Exchange (ASX) has begun a formal review of its shareholder approval rules for mergers and acquisitions.
• James Hardie has pledged to hold a shareholder vote before deciding on shifting its primary listing to New York.
• Investors have criticized current ASX rules that allow equity issuance for acquisitions without shareholder consent, citing potential dilution of their stakes.
• The $8.75 billion James Hardie-AZEK deal, which includes a 37% premium for AZEK shares, has become a focal point in the debate over shareholder rights.
• James Hardie shares rose 4.7% following announcements about the ASX review and the company's commitment to greater shareholder input.