CEMEX announced that one of its indirect subsidiaries, Sierra Trading, will present an offer and take-over bid to all shareholders of Trinidad Cement Limited (TCL), a company publicly listed in Trinidad and Tobago, Jamaica and Barbados, to acquire up to 132,616,942 ordinary shares in TCL for TT$4.50 in cash per TCL share, which together with Sierra’s existing share ownership in TCL of approximately 39.5 percent, would, if successful, result in Sierra holding up to 74.9 percent of the equity share capital in TCL. Full acceptance of the Offer would result in a cash payment by Sierra of approximately TT$597 million (U.S.$89 million). The Offer price represents a premium of 33.1 percent over the Dec. 1, 2016, closing price of TCL’s shares in the Trinidad and Tobago Stock Exchange.
Among other conditions, the Offer will be conditional on Sierra acquiring at least an amount of TCL shares that would allow CEMEX to consolidate TCL. Unless extended, the Offer period is expected to close on Jan. 10, 2017.