Mexican building materials giant Cemex extended from May 18 to June 8, then June 22, the deadline of its best and final offer for Rinker Group, valued
Mexican building materials giant Cemex extended from May 18 to June 8, then June 22, the deadline of its best and final offer for Rinker Group, valued at $79.25 per Rinker American depositary receipt (equivalent to US$15.85 per share). The company also waived the 90 percent minimum acceptance condition if its aggregate interest in Rinker shares exceeds 50 percent by June 22. The first deadline shift was made the day before Rinker’s largest shareholder, Perpetual Group of Australia, bearer of a 10.32 percent stake, accepted Cemex’s offer. In addition, the Rinker board of directors unanimously recommended shareholder acceptance of the revised offer, effected in April.
Developments favoring a takeover in no way change the U.S. Justice Department Antitrust Division’s requirement that Cemex divest a total of 39 ready mixed, concrete block and aggregate operations in the Florida markets of Fort Walton Beach/Panama City/Pensacola, Jacksonville, Orlando, Tampa/St. Petersburg, and Fort Myers/Naples, plus Flagstaff and Tucson, Ariz. In April, Justice officials announced their position on a prospective Rinker Materials Corp.-Cemex USA combination after months of reviewing the market impact.