Cemex SA has declared its US$14bn offer for Rinker Group Ltd unconditional after gaining acceptances for more than 50 per cent of the Australian construction materials group’s issued capital.
The Mexican group said acceptances have increased to 50.34 per cent from 49.51 per cent announced yesterday.
The increase in stake to over 50 per cent saw Cemex cancel the right of institutional investors to withdraw acceptances made under an institutional acceptance facility.
Last month Cemex reduced its minimum acceptance condition to 50 per cent from 90 per cent.
Cemex’s bid is pitched at US$15.85 a share, or A$18.84/per share at the current exchange rate.
Rinker’s board has recommended the offer, which was revised in April from an initial US$13.00 a share offer made in October.
Cemex launched its bid to strengthen its position in US markets where Rinker earns more than 80 per cent of its income.