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American Shipper

Rinker board OKs Cemex bid

Rinker board OKs Cemex bid

Australia-based Rinker Group's board of directors voted to accept a $14.2 billion purchase offer from Mexico-based Cemex, in a deal involving global cement giants that would impact port business in Florida.

   The offer is a 22 percent increase over Cemex's initial offer for Rinker, according to a Bloomberg News report.

   Rinker has more than 20 facilities located throughout Miami-Dade, Broward, and Palm Beach counties, and is a major tenant at Port Everglades. Cemex is a major tenant at the Port of Palm Beach. Both companies make a major contribution to the extensive bulk cargo operations at Port Manatee and the Port of Tampa.

   Rinker's board opposed the initial offer from Cemex in October, eventually leading to the new offer, which equates to $15.85 a share in cash.

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