In a late-March Securities and Exchange Administration filing, Rinker Group noted receipt of a Supplementary Bidder’s Statement wherein Cemex S.A.B. de
In a late-March Securities and Exchange Administration filing, Rinker Group noted receipt of a Supplementary Bidder’s Statement wherein Cemex S.A.B. de C.V. extended its offer for Rinker shares from March 30 to April 27. The extension follows two similar measures in December and January surrounding a takeover offer, equivalent to $65/Rinker American depository receipt and totaling about $12.8 billion, Cemex effected in late October. Rinker reported that Cemex had acquired less than 1 percent of Rinker shares to date.
Rinker ADR have traded in the $70-$77 range since early November, while company management has steadfastly encouraged shareholders to reject the Cemex offer as too low. Cemex extended the offer two weeks after receiving a nod from Australian regulators on the proposed takeover. Neither one of the U.S. government agencies that would review a Cemex USA-Rinker Materials Corp. combination Û Justice Department/Antitrust Division or Commerce Department/Federal Trade Commission Û had issued a ruling on the deal as of April 1.