Dec 2016 Financial News

Cemex makes takeover bid for TCL

Dec 05, 2016

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 per cent premium over TCL’s price of $3.38 at the close of trading on Friday.

Cemex currently owns 39.5 per cent of TCL, which announced at the end of October that its revenue had declined by 12.2 per cent 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:
Anthony Wilson
Trinidad Guardian
Monday December 5, 2016

http://www.guardian.co.tt/news/2016-12-05/cemex-makes-takeover-bid-tcl