Cemex increases Readymix bid

Cemex has increased its €9.5 million bid for Readymix by more than 13 per cent, after discussions with an independent committee set up to assess the bid.

The company made the offer to buy the remaining Readymix shares it does not own last month through a Spanish subsidiary. The offer, which was originally for 22 cent per share for the remaining 40 per cent of the company, has now been increased to 25 cent.

The committee, which comprises Readymix chairman Adrian Auer and independent director Donal O'Connor, said it considered the revised offer "fair and reasonable".

Readymix last week announced losses could reach €54 million in 2011.