Readymix backs offer
IRISH cement maker Readymix is recommending that its shareholders accept a takeover offer from Spain's Cemex group.
Cemex, which already owns 60pc of the Irish firm, will pay 25c per share. The deal values Readymix at about €27.4m.
Shares in the company had been hammered in the past few years due to the swift collapse of the building market.
But this offer represents a premium of about 13.6pc to Readymix's closing price yesterday and a premium of about 733pc to its closing price of three cent on January 18.
"The cash offer of €0.25 per share creates an opportunity for shareholders to receive value for their investment in Readymix," said Readymix chairman Adrian Auer.