The tender offer is a mandatory follow-through from the December 2025 share purchase agreement and is not contingent on financing or minimum tender, making full subscription highly likely given the premium and lack of conditionality. Monitor the Schedule 14D-9 from CPAC's board, due within 10 business days, for the company's recommendation and any fairness opinion.
Price Chart
Executive Summary
Holcim Ltd., through its subsidiary Inversiones ASPI S.A., has commenced a tender offer for all outstanding common shares and ADSs of Cementos Pacasmayo S.A.A. at S/8.93 per common share and S/44.65 per ADS, expiring November 20, 2026. This SC 13D/A confirms the launch of the previously announced public tender offer, which is not subject to financing or minimum tender conditions and, if fully subscribed, would take Holcim's ownership from 50.01% to 100%.
Key Financial Metrics
Key Facts
- Holcim/Inversiones ASPI launched a tender offer for all outstanding CPAC shares at S/8.93 per common share and S/44.65 per ADS.
- The offer expires at 4:00 PM New York City time on November 20, 2026, unless extended.
- The offer is not subject to any financing condition or minimum tender condition.
- If fully subscribed, Holcim would acquire the remaining ~49.99% of shares, taking ownership to 100%.
- Holcim currently owns 50.01% of CPAC via Inversiones ASPI, acquired in March 2026 for S/1,850,370,000.
- The tender offer is required under Peruvian law following Holcim's acquisition of ASPI in December 2025.
Financial Impact
Full subscription would cost approximately S/1,892 million (211,882,902 shares × S/8.93) for the remaining ~49.99% stake, taking total acquisition cost to ~S/3,742 million.
Risk Factors
- If the tender offer is not fully subscribed, Holcim may still fall short of 100% ownership, leaving a minority float and potential future squeeze-out process.
- Regulatory or legal challenges to the tender offer in Peru or the U.S. could delay or alter terms.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001104659-26-117872 |
| Document: 0001104659-26-117872-index.html | 0001104659-26-117872 |
| Document: 0001104659-26-117872.txt | 0001104659-26-117872 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 6-K | $12.78 | awaiting T+1 | — | $12.78 (−0.00%) |
Oct 23, 2026 2d ago | 6-K | $12.73 | awaiting T+1 | — | $12.78 (+0.39%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▲ +0.31% | ▼ −0.21% | $12.78 (−0.08%) |
Oct 22, 2026 4d ago | 6-K | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.78 (+0.08%) |
Oct 21, 2026 4d ago | SC 13D/A | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.78 (+0.08%) |
Oct 21, 2026 4d ago | SC TO-T | $12.77 $12.73 | ▼ −0.31% | ▲ +0.21% | $12.78 (+0.08%) |
Oct 16, 2026 9d ago | 6-K | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.78 (+0.79%) |
Oct 16, 2026 10d ago | SC 13D/A | $12.68 $12.62 | ▼ −0.47% | ▼ −0.90% | $12.78 (+0.79%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.78 (+0.87%) |
Oct 15, 2026 11d ago | 6-K | $12.67 $12.68 | ▲ +0.08% | ▲ +1.19% | $12.78 (+0.87%) |
US Market Status
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