Cemex extends Rinker offer

Cemex extends Rinker offer
Published: 23 January 2007

Cemex has extended its A$15.26b hostile bid for Aussie construction materials firm Rinker Group as shareholders hold out for a better deal. 
 
Mexican cement giant Cemex has extended its US$12bn (A$15.26bn) hostile offer to acquire Australian construction materials firm Rinker Group Ltd as shareholders hold out for a better deal. 
 
Cemex, the world’s third biggest cement maker, has extended its US$13.00 (A$16.53) a share bid by two months to March 30, telling Rinker shareholders that it is a compelling offer. 
 
But since the offer was first made on October 27, when it was worth $A17.00 a share, Cemex has acquired just 0.2 per cent of ordinary shares in the face of determined opposition from the Rinker board.