The Azek Company Inc. (NYSE: AZEK) has announced that its stockholders have approved all proposals related to the company's proposed transaction with James Hardie Industries Plc. Under the terms of the merger agreement, Azek stockholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie for each share of Azek common stock owned. The transaction is expected to close on or about July 1, 2025, subject to the satisfaction or waiver of the closing conditions set forth in the merger agreement.
At the special meeting of stockholders, approximately 99.96% of the votes cast voted in favor of the proposal to adopt the merger agreement, representing approximately 75.61% of Azek's total outstanding shares of common stock.
The Azek Company Inc. is an industry-leading designer and manufacturer of outdoor living products, including Timbertech decking and railing, Versatex and Azek trim, and Struxure pergolas. The company has been consistently awarded and recognized as the market leader in innovation, quality, aesthetics, and sustainability. It is committed to accelerating the use of recycled material in the manufacturing of its products and has been named one of America's most responsible companies by Newsweek, a top workplace by the Chicago Tribune and U.S. News and World Report, one of Barron's 100 most sustainable U.S. companies, and celebrated in Fast Company's 2024 brands that matter list.
This approval marks a transformative moment for Azek as it moves forward with the transaction, which is expected to bring together two purpose-driven teams with complementary capabilities, united by a commitment to innovation, sustainability, and long-term value creation. The combination is anticipated to enhance Azek's ability to deliver more value to its customers through expanded offerings, greater innovation, and continued best-in-class service. The market has reacted to these announcements by moving the company's shares 3.61% to a price of $54.86. Check out the company's full 8-K submission here.
