Readymix shareholders vote in favour of sale

Readymix’s sale is set to be concluded next month after the building materials group’s shareholders unanimously recommended the move yesterday.

The Dublin-headquartered group — which is predominantly owned by Mexican cement group, Cemex — is to be acquired for €27.4m by Readymix Investments, a wholly-owned indirect subsidiary of Cemex’s Spanish division.

Readymix’s shareholders met yesterday to vote on the deal with 286 — or just under 97% — of the 294 present approving the move.

The Irish company’s shareholders — who have not received an annual dividend payment since the 1.65c paid out in 2008 — will receive 25c per share for their stakes.

The company has suffered more than mast from the economic downturn and the decline of the construction industry here.

Its 2011 financial performance showed a near €9m reduction in group revenue, exceptional losses of over €54m and net debts totalling €16m.

Readymix’s management recently recommended the takeover offer to the group’s shareholders, stating that it created an opportunity for them to receive value for their investment in the company, “having regard to the present financial condition of the company, the prevailing economic circumstances and the highly uncertain outlook for the housing and construction sectors”.

Readymix now requires High Court approval for the deal, with the hearing due to be held on May 8.

If the takeover is sanctioned at that stage it is expected the acquisition will be formally completed “shortly thereafter”, according to management.