Readymix shareholders vote in favour of Cemex takeover05/04/2012 - 17:46:22
Readymix shareholders have voted in favour of the cement company's takeover by Spanish firm Cemex.
Already owner of 60% of Readymix’s stock, Cemex has upped its offer from 22c to 25c per share in cash, an increase of 13.6% from its January offer. Readymix has described the terms as fair and reasonable.
Readymix announced that the required majorities of Readymix shareholders voted today at the company's Court Meeting and EGM in favour of the acquisition.
Readymix will now apply to the High Court to confirm the date for the court hearing to sanction the scheme and to confirm the capital reduction.
It is expected that the Court Hearing will be held on May 8.
"If, at that hearing, the High Court sanctions the scheme without modification, it is expected that the scheme and the acquisition will become effective shortly thereafter," the company said.
Should the takeover go through it will see the Irish cement producer leave the Irish Stock Exchange.
The total number of votes validly cast was 21,874,094, representing 51.38% of the company's issued share capital other than CEMEX-held Readymix Shares at close of business on the day before the court meeting.
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.
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