The tender offer has cleared key regulatory hurdles (SMV exemption and valuation report submitted) but has not launched. The next catalyst is the actual launch of the tender offer, which will set a specific price and determine the final take-up. Monitor for the launch announcement.
Price Chart
Executive Summary
Holcim Ltd., through its indirect subsidiary Inversiones ASPI S.A., filed Amendment No. 2 to its Schedule 13D for Cementos Pacasmayo S.A.A. (CPAC), reporting beneficial ownership of 50.01% of CPAC's common shares as of October 15, 2026. The amendment updates the status of a mandatory public tender offer: Holcim's Executive Committee determined on June 15, 2026, that the offer would be for any and all outstanding common shares; on October 14, 2026, the SMV granted an exemption allowing Inversiones to conduct the offer, and a valuation report was submitted. As of the filing date, the tender offer has not yet been launched.
Key Financial Metrics
Key Facts
- Holcim/Inversiones ASPI S.A. beneficially owns 211,985,547 common shares of CPAC, representing 50.01% of the 423,868,449 shares outstanding as of October 15, 2026.
- The public tender offer is now planned for any and all outstanding common shares (not just the minimum 24.99% originally required).
- On October 14, 2026, the SMV granted an exemption allowing Inversiones ASPI S.A. to conduct the tender offer, and a valuation report was submitted the same day.
- As of the filing date (October 16, 2026), the tender offer has not yet been launched.
Financial Impact
No financial figures disclosed in this amendment. The tender offer price will be determined by the SMV-appointed valuation entity; no price or total consideration amount is stated.
Risk Factors
- The tender offer has not yet launched despite the tender offer, creating uncertainty about timing and execution risk.
- The tender offer price determined by the SMV-appointed valuation entity is not disclosed; a low price could limit minority shareholder participation.
- The tender offer is still subject to the terms of the Purchase Agreement and Peruvian law, which could delay or modify the offer.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001104659-26-116448 |
| Document: 0001104659-26-116448-index.html | 0001104659-26-116448 |
| Document: 0001104659-26-116448.txt | 0001104659-26-116448 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 14D-9 | $12.77 | awaiting T+1 | — | $12.77 (+0.00%) |
Oct 27, 2026 today | 6-K | $12.73 | awaiting T+1 | — | $12.77 (+0.31%) |
Oct 23, 2026 4d ago | 6-K | $12.77 $12.77 | · 0.00% | ▼ −0.56% | $12.77 (+0.00%) |
Oct 23, 2026 4d ago | 6-K | $12.77 $12.77 | · 0.00% | ▼ −0.56% | $12.77 (+0.00%) |
Oct 22, 2026 5d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.77 (−0.00%) |
Oct 22, 2026 5d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 6d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 21, 2026 6d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.77 (+0.00%) |
Oct 16, 2026 11d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
Oct 16, 2026 11d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.77 (+0.71%) |
US Market Status
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