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ARTICLE · 21 APRIL 2025

Deconstructing the James Hardie Azek takeover

McCabes
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Listing rule waiver on which James Hardie will rely to acquire Azek without getting shareholder approval.

AustraliaCorporate/Commercial Law
Robert Speed
Robert Speed
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Now that ASX has published the much talked about listing rule waiver on which James Hardie will rely to acquire Azek without getting shareholder approval, below are 16 thoughts on this matter from a regulatory and corporate governance perspective.

1. Irish company listed on ASX and NYSE

James Hardie is an Irish company, registered as a foreign company in Australia with a primary listing on ASX. It also currently has a secondary listing on NYSE through its sponsored ADR program. James Hardie's stated plan is that this NYSE listing will transition to its primary listing following closing of the Azek deal, with a direct (non-ADR) listing on NYSE of the new shares it issues to the Azek shareholders under the deal.

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