Updated: 20-12-2024 - 12:00PM 6 4 CLOSED
Feb 15, 2017
Cemex on Monday announced the acquisition by subsidiary Sierra Trading of just under 70 per cent of the shareholding in Trinidad Cement Ltd (TCL) following the close of its take-over offer on February 7.
While the offer closed earlier in Trinidad and Tobago and Barbados, the takeover bid, dated December 5, 2016, closed in Jamaica at the later date following an amended offer, which promised an increase in payment per share.
Cemex, a global materials trader in search of a larger stake in TCL, responded to the negative assessment of company directors of their previous offer as inadequate and unfair, just before Christmas, by raising the offer price from TT$4.50 per share to TT$5.07.
It also offered to pay shareholders in US dollars.
The total number of TCL shares tendered and accepted in response to the offer was 113,630,723 which, together with Sierra’s pre-existing shareholding in TCL (147,994,188), represent approximately 69.83 per cent of the outstanding TCL shares.
JCSD Trustee Services Limited has reported that, as at the time of closing, the number of TCL shares tendered in Jamaica in response to the offer was 4,116,516.
The offer closed in Trinidad and Tobago on January 24, 2017 with 109,402,694 shares tendered, and in Barbados on February 8, 2017 with 111,513 shares tendered and accepted. Cemex said Sierra will accept and pay for all TCL shares validly tendered.
Cemex said that, based on the current tally, the total consideration to be paid by Sierra for the TCL shares taken up pursuant to the offer will be approximately US$86.36 million.
“Payment in respect of TCL shares taken up by Sierra is expected to be made in Jamaica on or before February 21st, 2017 at the rate of TT$5.07 or US$0.76, or the Jamaican currency equivalent of TT$5.07, depending on the currency option selected by TCL shareholders in Jamaica,” it was noted in a circular announcing the final tally of shares received.
TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. It is the majority shareholder of Caribbean Cement Company Limited, a cement producer in Jamaica.
Cemex had previously said that if successful, TCL will continue operating as usual and remain listed. The company, however, will be consolidated.
Source:
Jamaica Observer
Wednesday February 15, 2017