Holcim said on Thursday it had extended the expiry date of its offer to minority shareholders of Canada’s St. Lawrence Cement Group.
Holcim said the offer, which was due to expire on Wednesday, was now open until 1700 (Montreal time) on July 16, 2007 and would give shareholders more time to tender their shares.
In May, Holcim said St Lawrence had recommended an improved C$40.25 per share cash offer worth a total of C$630m ($595.5m).
Holcim already owns 44 per cent of class A subordinate voting shares and 100 per cent of class B multiple voting shares, representing approximately 79 percent of the company’s total votes.
Holcim has said the offer would be conditional on more than 50 per cent of the class A subordinate voting shares held by the minority shareholders of St Lawrence "being validly deposited to the offer and not withdrawn."