A subcommittee of the board of Readymix is considering the €9.5 million offer from its biggest shareholder, Cemex, to buy the outstanding 40 per cent of the firm it does not own.

Cemex made the offer last month through its Spanish subsidiary. Readymix chairman Adrian Auer and independent director Donal O’Connor are considering the approach and working on a response.

Readymix yesterday said that it expected total losses for 2011 to reach €54 million.