Company announces change and variation to its takeover bid for Trinidad Cement Ltd
CEMEX have announced that their indirect subsidiary Sierra Trading is to present a change and variation notice making an amendment to the offer and takeover bid that was presented on 5 December 2016 to all shareholders of Trinidad Cement Ltd (TCL), a company publicly listed in Trinidad and Tobago, Jamaica and Barbados.
Sierra are seeking to acquire up to 132,616,942 ordinary shares in TCL, which, together with their existing share ownership of approximately 39.5%, would, if successful, result in them holding up to 74.9% of the equity share capital in the company.
Under the amended offer, Sierra will offer TT$5.07 in cash per TCL share and, with the exception of TCL shareholders in Barbados, shareholders in Trinidad and Tobago and Jamaica will now have the option to be paid in either TT dollars or US dollars.
Full acceptance of the amended offer in TT$ would result in a cash payment by Sierra of approximately TT$672 million (US$101 million). The revised offer price represents a premium of 50% over the 1 December 2016 closing price of TCL’s shares on the Trinidad and Tobago Stock Exchange.
Among other conditions, the amended offer will be conditional upon Sierra acquiring at least an amount of shares that would allow CEMEX, for financial reporting purposes, to consolidate TCL.
Unless extended, the amended offer period is expected to close on 24 January 2017.