Economy & Market
CEMEX increases price offer for Trinidad Cement takeover
Mexico-based cement giant CEMEX has increased its offer to shareholders as it moves to take over control of Trinidad-based Trinidad Cement Limited (TCL).
CEMEX has said in an online statement that its indirect subsidiary, Sierra Trading, would "present a change and variation notice making an amended offer to the offer and takeover bid that was presented on December 5, 2016 to all shareholders of TCL, a company publicly listed in Trinidad and Tobago, Jamaica and Barbados."
It said the new offer is being made as it seeks to acquire up to 132,616,942 ordinary shares in TCL, which together with Sierra's existing share ownership in TCL of approximately 39.5 per cent would, if successful, result in Sierra holding up to 74.9 per cent of the equity share capital in TCL.
In early December last year, CEMEX had said that it was seeking to acquire the shares at a price of TT$4.50 in cash per TCL share.
Last month, TCL shareholders were urged by the company's directors to reject the offer by CEMEX, noting that the offer price does not reflect the "full commercial value of TCL".