Cemex once again extends acquisition deadline of Rinker

Mexican cement maker Cemex (NYSE: CX) has extended to June 22 the deadline for shareholders of Australian cement company Rinker to accept its US$15.3bn acquisition offer, from the previous date of June 8, Mexican press reported. The move is the third such extension since the Mexican cement maker sweetened its purchase offer for Rinker in early May. Cemex made a hostile takeover bid for the company for a total US$12.8bn in October last year. Since the first offer, Cemex decided to waive its condition to purchase at least 90% of Rinker's shares, if its aggregate interest in the company's shares exceeds 50% on or before the acquisition deadline, BNamericas reported previously. Cemex agreed to raise its takeover offer for Rinker to US$15.85 per share, up 21.9% from its original offer of US$13.00, previous reports indicated. As a 50% share of the company would represent 447.5mn shares, at this new offer price the total value of such a holding in the Australian company would be some US$7.1bn. Cemex's plan to purchase 90% of Rinker's shares, when also accounting for company debt, reached US$15.3bn, according to previous reports.