The Mexican multinational building materials company Cemex is ramping up its efforts to take-over Trinidad Cement Limited (TCL).
Through its indirect subsidiary Sierra Trading, Cemex increased its offer to TCL shareholders in a change and variation notice Monday.
The company is seeking to acquire up to 132,616,942 ordinary shares in TCL, which together with Sierra’s existing shares of approximately 39.5 percent, would result in Sierra holding up to 74.9 per cent of the equity share capital in the Trinidad-based company.
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.