About Us - Press Release - Takeovers Panel decision to be reviewed
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publishDate1 Fri, 13 Jul 2007 18:15:00 +0000
publishDate2 Jul 13, 2007 6:15:00 PM
publishDate3 13 de julio de 2007
13 de julio de 2007
CEMEX, S.A.B. de C.V. (NYSE: CX) announced today has sought a review of today's Takeovers Panel declaration of unacceptable circumstances and notes that there has been no finding that CEMEX had breached the law.
The Panel's decision does not affect the completion of the CEMEX's Offer for Rinker Group Limited. CEMEX currently has almost 93% of the Rinker shares and has commenced the process of compulsorily acquiring the remainder. The Offer will close at 7.00pm (Sydney time) / 5.00am (New York time) on Monday July 16, 2007.
The Panel considered that CEMEX's announcement on May 7, 2007 that it would allow Rinker shareholders to retain the final dividend of $0.25 per share constituted a departure from CEMEX's announcement on April 10, 2007 that is Offer of US$15.85 per share was its "best and final offer".
The Panel did not agree with CEMEX's submission that the Offer terms (and CEMEX's announcements of April 10, 2007) specifically reserved to CEMEX the discretion to make a determination after April 10, 2007 about "any subsequent dividend" that Rinker might later declare.
CEMEX believes that the market was fully informed by its announcements on April 10, 2007 and notes that the Takeovers Panel has made no finding that CEMEX breached any law.
The Panel has ordered CEMEX to pay compensation of $0.25 per share to those Rinker shareholders who sold their shares during the period from April 10, 2007 to May 7, 2007, net of any purchases that were made. The Panel stated that it noted CEMEX's submissions regarding evidentiary issues, and acknowledged that it might be appropriate for a court to consider such evidentiary issues in determining compensation payable. However, the Panel stated that those issues "were inconsistent with the Panel's orders which create new rights."
CEMEX has lodged a request for a review of the Takeovers Panel decision. The Panel has indicated that its orders will be stayed pending the outcome of the review.
CEMEX is a growing global building solutions company that provides high quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. For more information, visit www.cemex.com.
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