rinker-embraces-cemexs-increased-offer

Rinker embraces CemexÆs increased offer

Shareholders in the Aussie building materials company consider their response to a revised offer of $15.85 per share from Cemex after the companyÆs board gives it the stamp of approval.
In the second largest bid for an Australian company, Mexican cement maker Cemex has increased its takeover offer for Rinker by 22% to $14.3 billion five months after making its first hostile bid. RinkerÆs board accepted the new price yesterday with chairman John Morschel calling it a ôbitter sweetö offer.

ôWe have been working extremely hard to find an alternative to this bid,ö Morschel said in press conference yesterday. ôBut in the absence of a superior proposal, it is in the best interests of shareholders to accept the increased Cemex offer. All Rinker directors intend to accept the higher offer for their own Rinker shares, again assuming no superior proposal arises.ö

Shareholders have until May...
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