March 18, 2020 / 11:18 PM / 20 days ago

BRIEF-Boral Withdraws FY Guidance, Says Undertaking Measures To Conserve Cash

March 19 (Reuters) - Boral Ltd:

* ACCC UNLIKELY TO APPROVE CALL OPTION FOR AUSTRALIA AND NZ BUSINESS UNDER ‍USG BORAL PLASTERBOARD TRANSACTION WITH KNAUF​

* WITHDRAWS FY2020 EARNINGS GUIDANCE DUE TO COVID-19

* UNDERTAKING MEASURES TO CONSERVE CASH, INCLUDING REDUCING ALL NON-ESSENTIAL CAPITAL EXPENDITURE AND DISCRETIONARY SPENDING

* BORAL LTD-IN ADDITION, AS PREVIOUSLY REPORTED, BORAL HAS A US$400M ACQUISITION LOAN FACILITY IN PLACE FOR KNAUF TRANSACTION, IF REQUIRED

* GIVEN HIGH LEVEL OF UNCERTAINTY REGARDING SPREAD & DURATION OF COVID-19, NEGATIVE IMPACT ON FY2020 EARNINGS CANNOT BE ESTIMATED AT THIS POINT

* MADE AWARE OF A CLASS ACTION PROCEEDING PROPOSED TO BE FILED BY LAW FIRM QUINN EMANUEL IN FEDERAL COURT OF AUSTRALIA

* ACCC UNLIKELY TO APPROVE CALL OPTION IN RELATION KNAUF RETURNING 50% OWNERSHIP OF AUSTRALIA & NZ BUSINESS WITHIN 5 YEARS

* CLASS ACTION PROCEEDING PROPOSED TO BE COMMENCED ON BEHALF OF GROUP MEMBERS WHO ACQUIRED BORAL SHARES & AMERICAN DEPOSITORY RECEIPTS

* CLASS ACTION PROCEEDING RELATES TO BORAL'S NORTH AMERICAN WINDOWS BUSINESS Source text here Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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