Sunday 17 December 2017

Investors challenge Readymix price

John Mulligan

John Mulligan

TWO shareholders have opposed a scheme of arrangement where cement maker Readymix would be acquired by an affiliate of Mexican giant Cemex.

Sligo-based Seamus Maye claimed in an affidavit to the High Court that the price being offered by Cemex, which already owns over 60pc of Readymix, was too low.

He alleges it amounts to "wilful destruction" of minority shareholder value by Cemex. The scheme of arrangement was also opposed by Tom Goode.

Cemex has tabled an offer that values Readymix at about €27m.

Mr Maye has been involved for a number of years in on-going competition litigation against a number of Irish cement manufacturers, including CRH, Kilsaran and Readymix.

Mr Justice Peter Kelly heard the Readymix petition yesterday and has reserved his decision until next week.

Readymix, CRH and Kilsaran have previously asked the High Court to dismiss claims by Framus -- a company of which Mr Maye is a director -- and other companies connected to him.

Irish Independent

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