The board of Cementos Bio Bio (CBB) says that its main shareholders – Inversiones Cementeras Ltda, Inversiones La Tirana Ltda, Normex SA, Inversiones Toledo SA, Tralcan SA and Saciel SA – have entered into a binding agreement with Carmel Holding SA, the Chilean subsidiary of the Belgian Carmeuse Holding.
Inversiones Cementeras Ltda is the vehicle of the Briones family, the main and historical shareholders of the company, who currently hold ~44 per cent of the company and who, with this agreement, will leave the ownership of the company.
The agreement, called Agreement To Tender, commits these shareholders, who together control 64.57 per cent of the issued shares, to sell all of their shares through a public tender offer (PTB) which will be launched for 100 per cent of the company.
According to the information provided, the transaction contemplates a total price of US$505m, equivalent to approximately US$1.91 per share. Payment will be made in dollars or the equivalent in Chilean pesos, as determined by each shareholder in the framework of the tender offer.
Last year CBB was subject to a US$500m offer from Mississippi Lime Group, while Peru-based shareholder Yura announced its intention to double its holding in the company to 40 per cent. However, both offers were rejected.
