Australia's Rinker says Mexico's Cemex extends offer to April 27 |
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Published
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Thu, 22 Mar 2007 03:09
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SYDNEY (XFN-ASIA) - Rinker Group Ltd said it has been advised that Mexican cement group Cemex SA has extended its 11.7 bln usd hostile cash offer for a third time to April 27.Rinker's directors have rejected the offer, pitched at 13 usd a share or 16.12 aud at current exchange rates, as opportunistic and significantly undervaluing the company.An independent expert valued Rinker at 20.58-23.04 aud a share but Cemex gave no indication of raising its offer launched five months ago.The Mexican group said it wants to acquire Rinker to expand its presence in the US where the Australian company earns more than 80 pct of its income.The US Department of Justice is yet to rule on any antitrust issues relating to Cemex's offer.At 12.50 pm here Rinker was up 0.04 aud at 18.05 while the S&P/ASX 200 was up 74.5 points ot 1.27 pct at 5,936.4.(1 usd = 1.24 aud)bruce.hextall@xfn.com
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Australia's Rinker expands into US northwest through acquisition 