Cemex SA said it now has won acceptances for 43.15 per cent of Rinker Group Ltd’s issued capital ahead of the June 22 expiry of its US$14bn offer for the Australian construction materials group.
The Mexican group, the world’s fourth largest cement company, said acceptances have increased from 41.57 per cent announced on Monday.
Acceptances from ordinary shareholders have risen to 29.89 per cent from 29.19 pct while acceptances under an institutional acceptance facility, which allows institutional investors to withdraw acceptances if the choose to do so, have increased to 13.26 per cent from 12.38 per cent.
Cemex’s bid, pitched at US$15.85 a share or A$19.00 a share at the current exchange rate, is conditional on 50 per cent acceptance.
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.