Readymix, which is 61.2% owned by Mexican cement giant Cemex, announced in October that it had been approached by more than one party looking to take it over.
In an update issued yesterday (28 March) the company said: “Discussions have taken place with more than one party over the last few months but no firm and fully financed offer has been received and the board has been informed that no such offer is likely to be received in the short term. As such, discussions with all third parties have been terminated.”
Readymix expects to report 2010 sales down 36% on 2009 and make an operating loss of €15m. It says that trading conditions remain difficult throughout Ireland.
It added: “The group continues to be focused on the careful stewardship of cash resources and on the minimisation of costs. These initiatives, together with the support of the majority shareholder, will preserve the group's position as a leader in the building products sector in Ireland and the Isle of Man.”
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