Readymix recommends Cemex offer

CEMENT MAKER Readymix is recommending that its shareholders accept a takeover offer from Spain’s Cemex group.

Cemex, which already owns 61 per cent of the company, earlier this month increased its offer for the rest of the company from 22 cent per share to 25 cent per share.

The acquisition values Readymix at about €27.4 million.

Under the deal, Readymix shareholders will be entitled to receive 0.25 cent in cash for each Readymix share they hold.

This represents a premium of about 13.6 per cent to Readymix’s closing price of 22 cent on Tuesday.

It also represents a premium of about 733 per cent to its closing price of 0.03 cent on January 18th when the first offer was made.

Readymix has said it considers the terms of the acquisition to be “fair and reasonable”.

Readymix chairman, Adrian Auer said that the offer will enable shareholders to receive value for their investment in light of “the present financial condition of the company, prevailing economic circumstances and the highly uncertain outlook for the housing and construction sectors.”