Mexico’s cement giant, Cemex, this morning announced that it will be making a takeover bid for Claxton Bay-based Trinidad Cement Ltd.
Cemex, through one of its indirect subsidiaries Sierra Trading, is looking to acquire 132,616,942 shares at a price of $4.50 in cash per TCL share.
The proposed offer price represents a 33.13 percent premium over TCL’s price of $3.38 at the close of trading on Friday.
Cemex currently owns 39.5 percent of TCL, which announced at the end of October that its revenue had declined by 12.2 percent for the first nine months of 2016, which it said had been caused by a "precipitous fall in construction activity in Trinidad and Tobago."
SOURCE: www.guardian.co.tt (Anthony Wilson)