Cemex extends bid for Rinker by five weeks

Cemex extends bid for Rinker by five weeks
Published: 08 December 2006

According to Australian press reports, Cemex has extended its hostile takeover bid for rival Rinker Ltd by five weeks to give the target’s shareholders and US regulators time to study the proposed transaction. 
 
The world’s number three cement maker has offered US$13/share or US$12bn ($A15.23bn) for rival Rinker, which earns most its revenue from cement sales in the US market. 
 
The offer equates to $16.53 per share, after adjusting for recent foreign exchange rate movements. 
 
Rinker has rejected the bid as inadequate. 
 
The offer period has been extended to January 31, from December 27.