Trinidad Cement, recently acquired by Cemex, has made an all-cash takeover bid for Trinidad-based Readymix (West Indies).
Trinidad Cement will pay $1.62 per share to acquire the outstanding shares that it does not already hold in Readymix, according to the offer circular sent to shareholders yesterday, Trinidad Cement owns 71.1% of Readymix’s issued share capital or 8,531,977 shares of the company.
The remaining 28.9 per cent of shares are owned by institutional and individual shareholders. At a per share price of $11, TCL would need to spend $38,148, 253 to acquire all of the Readymix shares it does not already own.
Readymix, a publicly traded company on the T&T Stock Exchange, specialises in the production of concrete, aggregate and pitrun and also own a number of quarries in Trinidad.
The circular said: “Despite the financial and operational challenges faced, Readymix, as part of the TCL Group, provides an avenue for the vertical integration of the production of cement and eventual sale and distribution of premixed concrete. With this in mind, the offeror thought it fit to seek to acquire the remaining ordinary shares not already owned, thus providing the minority shareholders with an opportunity to realise their investment in Readymix with the eventual goal of applying to the TTSE and TTSEC to have the Company de-listed and de-registered as a reporting issuer respectively.”
