Cemex's subsidiary announces successful takeover bid for TCL

Cemex's subsidiary announces successful takeover bid for TCL
25 January 2017

Cemex SAB de CV has announced that its indirect subsidiary, Sierra Trading (Sierra), having received the Foreign Investment License from the Trinidad and Tobago Ministry of Finance, disclosed that all terms and conditions of the offer made, to acquire up to 132,616,942 ordinary shares for TT$5.07 (US$0.76) in cash per share in Trinidad Cement Ltd have been complied with.

"We are satisfied with and grateful for the trust placed in us by TCL stockholders,” said Fernando A Gonzalez, CEO of Cemex. "We see a positive outlook for the business environment and we are committed to being a reliable cement supplier in Trinidad and Tobago, Jamaica, Barbados and the whole Caricom region."

Based on the latest information available today, TCL shareholders have deposited approximately104.5m, subject to validation, TCL shares in response to the Offer which, together with Sierra’s existing shareholding in TCL, represents approximately 67.39 per cent of the outstanding TCL shares.

Sierra intends to take up all TCL shares deposited pursuant to the Offer up to the maximum number of the Offered Shares. If the number of TCL shares deposited by TCL shareholders exceeds the maximum number of Offered Shares, the TCL shares will be taken-up by Sierra on a pro-rated basis according to the number of TCL shares deposited by each TCL shareholder.

Sierra expects that TCL shares deposited by shareholders in Trinidad and Tobago will be taken-up by 31 January 2017.

The offer remains open until 7 February 2017 for TCL shareholders in Jamaica.

Published under Cement News