Mexican company CEMEX has revised its Trinidad Cement Limited (TCL) takeover offer.
CEMEX approves TCL takeover
9:49 am, Tue January 10, 2017
The initial period offered for TCL to agree to sell its assets to CEMEX through one of its indirect subsidiaries, Sierra Trading, has been extended to January 24.
The initial period was January 10 with an offer by CEMEX of TT$ 4.50 per share.
CEMEX has raised its offer to $5.07 .
TCL has stated that if the shares were bought at the initial price offered, the company would have been devalued.
The latest information regarding the possible buy-over was confirmed by TCL officials yesterday.
TCL's main operations are in Trinidad and Tobago, Jamaica and Barbados.
TCL, which is privately owned, is the majority shareholder of Caribbean Cement Company, the main cement producer in Jamaica.
CEMEX is a global building materials company that provides products and services to customers in more than 50 countries.