Cemex Espana increases offer for Readymix, Ireland

The Spanish unit of Cemex has increased its takeover bid for Readymix of Ireland by 13.6 per cent from EUR0.22/share to EUR0.25/share, the target company said in a statement on Monday.

Cemex, which already owns 60 per cent of the Irish business, made the “possible offer” to buy the remaining 40 per cent of Readymix shares that it does not own last month through a Spanish subsidiary.

A statement yesterday added that the committee has told Cemex that it would recommend the offer to shareholders if it is formally announced.

The committee said that it had to consider the sustainability of the company’s “increasing liability” for a €35m loan, given to it by Cemex – this is due to be repaid in 2014 – and the lack of any other offers for the company or its assets.

Cemex has informed the committee it would withdraw its bid if it does not receive support from certain major shareholders.

No third parties had expressed interest in making an acquisition proposal for Readymix, it noted.