Cementos Bío Bío (CBB) concludes negotiations with Mississippi Lime Company (MLC), according to Diario Financiero. Earlier in November 2024, MLC presented a non-binding offer of US$1.89 per share for 100% of CBB, valuing the company at almost US$500m.
Following this, Yura has now increased its offer to US$1.48 per share, valuing CBB at US$390m, after its original proposal ‘lost attractiveness’ to MLC’s offer. Yura aims to increase its stake to 40% in the company.
MLC said “After months of due diligence and review of the company’s operational and financial performance, MLC and CBB’s principal shareholders shared a non-binding letter of intent in May 2024 subject to conditions. That indicative offer, and its conditions, expired during this year. The revised indicative offer [from Yura], which is subject to all of the terms and conditions set out in the non-binding letter of intent, attributes an equity valuation of US$400m to CBB.”
