Wed | Jul 18, 2018

Cemex increases offer price for TCL shares

Published:Monday | January 9, 2017 | 10:00 AM


Cemex S.A.B. de C.V. is revising its takeover offer for Trinidad Cement Limited to TT$5.07 per share, valuing the cement operation at TT$1.9 billion.

The increase from the initial offer of TT$4.50 comes after directors of TCL advised shareholders that the original offer undervalued the company.

TCL announced on December 5 that it aims to acquire an additional 132,616,942 ordinary shares in TCL, which would boost its ownership of the regional cement maker from 39.5 per cent to 74.9 per cent. Its stake in TCL is held through Sierra Trading.

The offer now closes on January 24.