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Investors seeks review of Australia's listing rules, say James Hardie-AZEK deal to hurt

The investors wrote to the Australian Stock Exchange (ASX) on Wednesday, saying that the proposed $8.75 billion acquisition of AZEK by James Hardie would significantly dilute interests of existing shareholders and "irreversibly change their rights" without any vote. The investors - which include top pension funds AustralianSuper and UniSuper and institutional investors Schroder Investment and Fidelity Australia - called on the ASX to make shareholder approval a condition for share issuance above a threshold as well as for modifications to listings. Some of the investors who have written to the ASX are shareholders in both James Hardie and AZEK.

The investors wrote to the Australian Stock Exchange (ASX) on Wednesday, saying that the proposed $8.75 billion acquisition of AZEK by James Hardie would significantly dilute interests of existing shareholders and "irreversibly change their rights" without any vote. The investors - which include top pension funds AustralianSuper and UniSuper and institutional investors Schroder Investment and Fidelity Australia - called on the ASX to make shareholder approval a condition for share issuance above a threshold as well as for modifications to listings.

Some of the investors who have written to the ASX are shareholders in both James Hardie and AZEK..