Cemex SA said it now has won acceptances for 41.57 per cent of Rinker Group Ltd’s issued capital, including shares held under an institutional acceptances facility.
The Mexican group, rated the world’s fourth largest cement company, said acceptances have increased from 39.42 pct last week.
Acceptances from ordinary shareholders have risen to 29.19 per cent from 28.15 per cent while acceptances under an institutional acceptance facility, which allows institutional investors to withdraw acceptances, have increased to 12.38 per cent from 11.27 per cent.
Cemex’s US$14bn bid, pitched at US$15.85 a share or US$19.05 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.