January 10, 2017 |
Cemex has increased its offer price to acquire Trinidad Cement Limited (TCL), after the takeover target's board of directors rejected the initial proposal.
Cemex subsidiary Sierra Trading will raise its offer to TTD672m ($97.4m), or TTD5.07 per share, for a 50% premium over TCL's closing share price on December 1, Cemex said in a statement. TCL's shares traded at TTD4.54 on Monday, up 2.02% on the day.
The Mexican cement maker aims to buy 133m shares in TCL and increase Sierra's stake to 74.9% f
Mexican cement maker offers close to $100m to take a 75% in the Caribbean company