The offer price of S/8.93 likely represents a premium to the prior trading price; post-offer, remaining shares face delisting risk and reduced liquidity. Monitor the acceptance level and any competing bids.
Price Chart
Executive Summary
Holcim subsidiary Inversiones ASPI S.A. launched a tender offer to acquire up to 49.99% of Cementos Pacasmayo's shares at S/8.93 per share (S/44.65 per ADS), commencing October 22 and expiring November 20, 2026. This follows Holcim's prior change of control and stated intention to delist the ADSs, making the tender offer a key step in the going-private process.
Key Facts
- Tender offer at S/8.93 per share and S/44.65 per ADS, in cash
- Offer seeks up to 211,882,902 shares, representing ~49.99% of common share capital
- Peruvian tender offer runs Oct 22 – Nov 20, 2026; U.S. tender offer runs same period
- Offeror is Inversiones ASPI S.A., a subsidiary of Holcim Ltd.
- Follows Holcim's completed change of control in March 2026 and stated intent to delist ADSs
Financial Impact
Cash tender offer for up to 49.99% of shares at S/8.93/share; total consideration up to ~S/1.89 billion (approximately $500M USD at current rates)
Risk Factors
- Offer may not be fully subscribed; remaining minority shares could face delisting and illiquidity
- Exchange rate fluctuations between Peruvian sol and USD affect ADS proceeds
- Regulatory approvals or extensions could delay or alter terms
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-111469 |
| Document: ea030936801ex99-1.htm | 0001213900-26-111469 |
| Document: 0001213900-26-111469-index-headers.html | 0001213900-26-111469 |
| Document: 0001213900-26-111469-index.html | 0001213900-26-111469 |
| Document: 0001213900-26-111469.txt | 0001213900-26-111469 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $12.78 | awaiting T+1 | — | $12.73 (−0.39%) |
Oct 23, 2026 3d ago | 6-K | $12.73 | awaiting T+1 | — | $12.73 (−0.00%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.73 (+0.31%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 21, 2026 5d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 21, 2026 5d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.73 (−0.31%) |
Oct 16, 2026 10d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.73 (+0.39%) |
Oct 16, 2026 10d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.73 (+0.39%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.73 (+0.47%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.73 (+0.47%) |
US Market Status
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