Cement maker Readymix has said it is recommending its shareholders to accept a takeover offer from Spain's Cemex group.
Cemex, which already owns 60% of the stock market listed company, earlier this month increased its offer for the rest of the company from 22 cent per share to 25 cent per share.
Cemex made an initial approach in January for the company and an independent committee of two board members was established to assess the offer's merits.
The deal values Readymix at about €27.4m. This represents a premium of about 13.6% to Readymix's closing price of 22 cent yesterday and a premium of about 733% to its closing price of three cent per on January 18 when the first approach was made.
Readymix said it considers the terms of the acquisition to be ''fair and reasonable''.
"The cash offer of €0.25 per share creates an opportunity for shareholders to receive value for their investment in Readymix, having regard to the present financial condition of the company, the prevailing economic circumstances and the highly uncertain outlook for the housing and construction sectors," commented Readymix chairman Adrian Auer.
