CEMEX TCL Takeover Bid Successful

tclThe following article was extracted from Caribbean Signal website and should be of interest to the wider pubic given the cement debate in Barbados and the region – Barbados Underground

Cemex, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today [24/1/2016] that its indirect subsidiary Sierra Trading (“Sierra”), having received the Foreign Investment License from the Trinidad and Tobago Ministry of Finance, disclosed today that all terms and conditions of the offer made pursuant to the Offer and Take-Over Bid dated December 5, 2016, as amended on January 9, 2017 (the “Offer”) to acquire up to 132,616,942 ordinary shares (the “Offered Shares”) for TT$5.07 (US$0.76) in cash per share in Trinidad Cement Limited (“TCL”), a company publicly listed in Trinidad and Tobago, Jamaica and Barbados, have been complied with or waived and the Offer has accordingly been declared unconditional.

Based on the latest information available today, TCL shareholders have deposited approximately 104.5 million, subject to validation, TCL shares in response to the Offer which, together with Sierra’s existing shareholding in TCL, represents approximately 67.39% of the outstanding TCL shares. Sierra intends to take up all TCL shares deposited pursuant to the Offer up to the maximum number of the Offered Shares. If the number of TCL shares deposited by TCL shareholders exceeds the maximum number of Offered Shares, the TCL shares will be taken-up by Sierra on a pro-rated basis according to the number of TCL shares deposited by each TCL shareholder. Sierra expects that TCL shares deposited by shareholders in Trinidad and Tobago will be taken-up by January 31st, 2017.

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5 Comments on “CEMEX TCL Takeover Bid Successful”

  1. Well Well & Consequences January 25, 2017 at 6:24 AM #

    They trade on the NYSE, that’s a huge company, dont seem to be using schemes and scams to rob the local treasury for their own survival, like Mark Maloney, small time bottom feeder.

    Like

  2. NorthernObserver January 25, 2017 at 10:19 AM #

    Analogous to the AmBev takeover of BHL. A giant getting a little bigger.

    Like

  3. Vincent Haynes January 25, 2017 at 10:29 AM #

    The main question is, will Rock Hard still be able to access cement from anywhere in the world,as we were told they had to go from portugal to turkey as supplies were being cut from them.

    Like

  4. NorthernObserver January 25, 2017 at 10:38 AM #

    @VH
    Yes. Cement is made everywhere. When one door closes another will open. Just a matter of cost & transport, as the Bim volume is small.

    Like

  5. David January 25, 2017 at 10:55 AM #

    Let us bear in mind that Rock Hard is competing on price therefore freight as an input cost is important.

    Like

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