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CEMEX and the Rinker Acquisition (B)
內容大綱
CEMEX of Mexico closed its acquisition of The Rinker Groups of Australia in April 2007 after raising its offer to US$15.85 per share. This represented a 54% premium over Rinker's closing price prior to the initiation of the hostile offer. CEMEX, in-line with its customary acquisition process, financed the entire purchase with debt. But within a year CEMEX was struggling to service its sizeable outstanding debt as business conditions and financial results declined with the financial crisis of 2008. The company was facing debt service of $5.5 billion in 2009, money which it did not have. CEMEX would need to propose a strong and convincing financial restructuring plan to its creditors if it wished to survive.