CEMEX completes tender offer for remaining shares of Costa Rica´s Cementos del Pacífico
September 21, 1999
CEMEX, S.A. de C.V. (NYSE: CX) announced today that the Superintendencia General de Valores (SUGEVAL), the Costa Rican stock market authority, has confirmed that the company´s tender offer to acquire the remaining outstanding ordinary shares of Cementos del Pacifico, S.A. has been successfully completed.
CEMEX acquired 1,590,281 shares representing 79.5% of the total shares outstanding at a price of $13,100 Colones or US$44.9 per share at today´s exchange rate. The total amount expected to be paid in the transaction is approximately US$72 million.
With the completion of the offer, CEMEX increases its ownership stake in Cementos del Pacifico to 95.3%. The total enterprise value per ton paid was US$122.
The Cementos del Pacifico plant is located approximately 180 km northwest of San Jose, with additional grinding facilities located in that city. The plant has one dry process line with an installed cement capacity of 850,000 tons per year. The company also has US$19.9 million in net debt.
Founded in 1906, CEMEX is one of the three largest cement companies in the world with approximately 60 million metric tons of production capacity. Through operating subsidiaries positioned in three different continents, CEMEX is engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker. In addition, the company is the world´s leading producer of white cement and the world´s largest trader of cement and clinker.