Shareholders of Trinidad Cement Limited (TCL) are being urged to reject an offer by Mexican-based cement giant, CEMEX, to take over the company.
CEMEX had earlier announced plans to take over TCL.
But in a circular, the TCL board of directors has recommended that shareholders reject the TT$4.50 (One Tt dollar = US$0.16 cents) per share takeover bid, noting that the offer price does not reflect the “full commercial value of TCL.”
The board argued that the shares of the company have a greater value than the offer price of TT$4.50, which it said was “not fair, from a financial point of view, to the shareholders”.
Last week, former TCL Chief Executive Officer, Dr Rollin Bertrand, accused the Mexican-based cement giant of trying to engineering a takeover of the local cement manufacturer since 2014.