Rinker Chairman Rebuffs Cemex Rep, Refusing to Meet

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Cemex Officer Fails to Meet With Rinker to Discuss Bid [Wall Street Journal]

Summary: A week ago Rinker Group, an Australian building-products company that does 85% of its business in the U.S., received an offer from Mexican cement giant Cemex SA de CV of $13 a share. Rinker was quick to dismiss the cash offer, calling it "opportunistic." On Sunday Mr. San Agustin, head of corporate strategic planning at Cemex, arrived in Sydney for media and analyst briefings, and said he hoped to meet Rinker Chairman John Morschel to discuss the offer. Yesterday, WSJ reports, Agustin left the country never having met Morschel, returning to the U.S. to talk with Rinker investors there and to apply for U.S. regulatory approval of the potential takeover. An insider: "He was out here predominately to meet with Rinker's Morschel, but no meeting could be arranged." Rinker shares climbed on the news, and are down slightly in the interim.
Related links: Press Release • Analysts Not Impressed with Cemex's Bid for Rinker Group
Potentially impacted stocks and ETFs: Rinker Group (RIN), Cemex SA de CV (CX)

Seeking Alpha's Wall Street Breakfast summarizes today's key market- and stock-moving news. Receive it by email every weekday morning (free/no spam).

Seeking Alpha is not affiliated with Wall Street Journal.