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Trinidad Cement directors reject CEMEX bid

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World Cement,

Trinidad Cement’s board of directors has recommended shareholders reject a takeover offer from Sierra Trading, a subsidiary of CEMEX, arguing the bid fails to reflect the company’s full commercial value.

CEMEX is already the largest shareholder in the company, holding a 39.5% of the company. The offer expires on 10 January 2017 unless withdrawn of extended by Sierra Trading.

In a circular to shareholders, the board concluded that the “consideration to be received by shareholders under the offer is not fair, from a financial point of view, to shareholders.”

Sierra Trading has offered TT$4.50 per share for the company; the board of directors did not say what a fair price would be.

In recommending shareholders reject the offer, the board of directors argued that Trinidad Cement was “positioned to benefit from the significant operational improvements that have been instituted in the period since August 2015.”

These operational improvements, noted the board of directors, have seen the company return to profitability in 2015 and continue to “produce positive net income throughout 2016.”

In 2015, Trinidad Cement made a TT$428.8 million post-tax profit on record revenues of TT$2.1 billion, driven by a 12% increase in cement sales in Jamaica and 16% increase in clinker volumes. In 2014, the company had recorded loss of TT$211 million.

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