Cemex, which already owns 60% of stock market listed cement maker Readymix, has increased its offer for the remainder of the company from 22 cent per share to 25 cent per share.
Cemex made an approach in January for the company and an independent committee of two board members was established to assess its merits.
That committee is recommending the acceptance of the increased offer, calling it ''fair and reasonable''. The offer is still subject to pre-conditions, in particular the support of certain shareholders.
The Readymix committee said it had made the decision having considered the prevailing economic circumstances and the highly uncertain outlook for the housing and construction sectors, the probability of continuing operating losses and the progressive erosion in the value of its assets.
If a deal were to materialise it would almost certainly mean the loss of another quoted stock from the Irish stock exchange.
Readymix's share prices closed up more than 15% at 22 cent in Dublin.
