Australia’s biggest investors have secured a landmark win for shareholder rights, pinching back power from company directors, investment bankers and lawyers to get a bigger say in M&A deals.The next time an S&P/ASX 300 company like James Hardie seeks to buy an Azek or any other target that would require them to issue more than 25 per cent of existing shares on issue, they have the right to say no.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
The James Hardie Rule is what happens when trust breaks
Investors have pinched back some power in major M&A deals, following the ASX’s ruling that big equity raisings will now require shareholder approval.
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