Readymix agrees to Cemex buy-out offer, Ireland

Shareholders of Irish cement maker Readymix have voted to sell the 38 per cent share of the company not owned by Cemex to the Mexican cement major.

At a meeting to vote on the deal, some 97.56 per cent of shareholders agreed to the 25 cents per share offer which had been increased from 22 cents per share. Readymix will now apply to the High Court to confirm the date for the court hearing to sanction the scheme. It is expected that the court hearing will be held on May 8.

Cemex made an initial approach in January for the company and an independent committee of two board members was established to assess the offer's merits. In February, Readymix chairman Adrian Auer and non-executive director Donal O’Connor, said terms on an agreement with Cemex had been reached.

Speaking to the Irish Independent, Mr Auer said the deal "creates an opportunity for shareholders to receive value for their investment", in the face of the firm's financial health and uncertain future. Readymix reported operating losses of EUR13m for 2011 and EUR15m the year before.

Once the deal is given the green light, Readymix is expected to delist from the Irish stock exchange on 9 May 2012.