CRH throws hat in the ring in courting PPC
PPC says it has received notification from CRH that it is considering submitting an all-cash proposal to buy a controlling stake
PPC has announced that it has a third suitor — Dublin-based CRH — competing against LafargeHolcim and Fairfax.PPC said on Monday it received a nonbinding expression of interest from CRH, "indicating that it was considering submitting an all-cash proposal to acquire a controlling stake".This offers PPC shareholders an alternative to the nonbinding expression of interest received from Swiss buildings materials group LafargeHolcim on October 27, which "contemplates a combination of certain Africanassets, a partial cash offer and a special dividend".CRH and LafargeHolcim have both undertaken to provide a per share value for their offers during the week starting November 20. PPC is scheduled to release its interim results on November 23. It said in a trading statement last Tuesday that its headline earnings per share (HEPS) would improve by up to 40%.Canadian financier Fairfax will have to raise the R5.75 per share offer it made on September 9, considering that PPC’s share price is now t...
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