The tender offer launch is imminent once the SMV approves the minimum price from the valuation report. Monitor the SMV's approval and the formal launch announcement for the offer price and timeline — this will determine the exit premium for remaining public shareholders and the delisting path.
Price Chart
Executive Summary
Holcim Ltd. informed Cementos Pacasmayo that it has filed an amendment to Schedule 13D, disclosing that Inversiones Aspi (a Holcim subsidiary) intends to launch a tender offer for all common shares, including those represented by ADSs. The Peruvian securities regulator (SMV) granted an exemption on October 14, 2026, allowing the tender offer to proceed via Inversiones Aspi, and an independent valuation report to determine the minimum offer price has been submitted to the SMV. The tender offer has not yet been launched, but the regulatory and structural steps are now in place, advancing the delisting process first flagged in the April 2026 20-F.
Key Facts
- Holcim Ltd. filed an amendment to Schedule 13D on October 16, 2026, disclosing the tender offer plan.
- Inversiones Aspi intends to launch a tender offer for all common shares, including those represented by ADSs (each ADS representing five common shares).
- On October 14, 2026, the SMV granted an exemption allowing Inversiones Aspi to conduct the tender offer.
- MSRA S.A.C. submitted its independent valuation report to the SMV on October 14, 2026, to determine the minimum tender offer price.
- The tender offer has not yet been launched as of the filing date.
- The tender offer stems from Holcim's December 15, 2025 share purchase agreement to acquire 99.99% of Inversiones Aspi, which indirectly controls Cementos Pacasmayo.
Financial Impact
No price or valuation disclosed; the independent valuation report has been submitted to the SMV but not made public in this filing.
Risk Factors
- The tender offer price is unknown and could be at a discount to the current trading price if the independent valuation comes in low.
- The tender offer may not attract sufficient tenders to complete the delisting, leaving a small public float.
- Regulatory delays in Peru or the U.S. could push the timeline beyond expectations.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-110161 |
| Document: ea030888701ex99-1.htm | 0001213900-26-110161 |
| Document: 0001213900-26-110161-index-headers.html | 0001213900-26-110161 |
| Document: 0001213900-26-110161-index.html | 0001213900-26-110161 |
| Document: 0001213900-26-110161.txt | 0001213900-26-110161 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $12.78 | awaiting T+1 | — | $12.77 (−0.08%) |
Oct 23, 2026 3d ago | 6-K | $12.73 | awaiting T+1 | — | $12.77 (+0.31%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.77 (−0.00%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 5d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 5d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 16, 2026 10d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 16, 2026 10d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.77 (+0.79%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.77 (+0.79%) |
US Market Status
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