Cemex offer for Rinker expires

Cemex offer for Rinker expires
Published: 17 July 2007

Cemex’s takeover of Australian building materials maker Rinker Group has triumphantly expired with only a handful of shareholders resisting the deal.

Cemex’s takeover of Australian building materials maker Rinker Group Ltd has triumphantly expired with only a handful of shareholders resisting the deal.

At the 7pm expiry on Monday night, those representing 95.62 per cent of outstanding Rinker shares had accepted Cemex’s $US15.85 ($A18.45) per share offer.

Cemex, the world’s third largest cement maker, acquired more than 90 per cent of Rinker on July 10, triggering the compulsory acquisition of the rest of the building material group’s shares.

The $US14 billion ($A16.3 billion) takeover is the biggest cash-only company takeover in Australian corporate history.