On June 3, 2021, Seven Group Holdings Limited announced on May 10, 2021, an unsolicited, off-market takeover offer to be made by Network Investment Holdings Pty Limited, a wholly owned subsidiary of SGH, for all of the ordinary shares that SGH does not own in Boral Limited. Seven Group stated that the offer opened on May 25, 2021 and is scheduled to close on June 25, 2021, unless extended. Seven Group stated that the Company’s Independent Board Committee believes the offer is opportunistic, undervalues the Company and recommends that shareholders reject the offer by taking no action. In addition, Seven Group stated that the Company’s target statement will be released in the week commencing June 7, 2021.