Holcim Ltd said it will offer C$40.25 per share for all outstanding class A subordinate voting shares of St Lawrence Cement Group Inc (SLC) that Holcim does not already own and all outstanding class 1 special shares of SLC.
The total value of the offer is about C$630m, it said.
In February, Holcim offered C$36.50 per share cash offer for all the outstanding shares of Canada’s SLC it does not already own, valuing the total minority share capital at C$571m.
SLC has unanimously resolved to recommend shareholders accept the offer.
The takeover bid circular will be mailed to shareholders of SLC about May 29 and will be open for not less than 35 days.
The offer is conditional on more than 50 per cent of the class A subordinate voting shares held by the minority shareholders of SLC being validly deposited to the offer and not withdrawn.
It is also subject to certain other customary conditions, including the absence of any material adverse change and the absence of any adverse litigation, in respect of the offer.
Holcim currently owns 44 per cent of SLC’s class A subordinate voting shares and 100 per cent of SLC’s class B multiple voting shares, representing about per cent of SLC’s total votes.
The proposed acquisition would allow Holcim to further embed SLC into the Holcim Group both commercially and financially.