Readymix considers takeover approach

Directors of Readymix areconsidering a takeover approach from majority shareholder Cemex, which would most likely see the Irish cement producer leave the Irish Stock Exchange.

Already owner of 60% of Readymix’s stock, Spanish-based 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.

In line with Irish takeover rules, in January the Readymix board created an independent board consisting of Adrian Auer and Donal O’Connor to consider the approach and determine the company’s response.