The offer is mandatory and fully funded, with a high likelihood of completion. The key uncertainty is the tender rate; watch for the Schedule 14D-9 recommendation and any potential competing bids. Post-offer, delisting and deregistration will reduce liquidity for remaining holders. Monitor the tender results announcement around Nov 23-24, 2026.
Price Chart
Executive Summary
Holcim Ltd, through its subsidiary Inversiones ASPI S.A., is launching a mandatory tender offer to acquire all remaining outstanding common shares and ADSs of Cementos Pacasmayo S.A.A. (CPAC) at S/ 8.93 per common share and S/ 44.65 per ADS. This follows Holcim's indirect acquisition of 50.01% of CPAC via the ASPI acquisition in March 2026, which triggered a Peruvian legal requirement for a subsequent tender offer. The offer represents a ~5.7% premium to the last closing price before announcement and is a going-private transaction with plans to delist from the NYSE and terminate SEC registration.
Key Financial Metrics
Key Facts
- Offer price: S/ 8.93 per common share, S/ 44.65 per ADS (~US$2.60 / ~US$12.98 at Oct 19, 2026 exchange rate).
- Offer expires 4:00 PM NY time on November 20, 2026, unless extended.
- Purchaser (Inversiones ASPI S.A.) already owns 50.01% of CPAC; the offer targets the remaining ~49.99%.
- No financing condition; funds are guaranteed by a S/ 1.896 billion letter of guarantee from Banco BBVA Peru and an equity contribution from Holcim.
- Following the offer, Holcim intends to delist CPAC ADSs from the NYSE and terminate SEC registration (going-private transaction).
- The offer price was set by an independent valuation (MSRA S.A.C.) at the minimum required under Peruvian law, based on the price paid in the prior ASPI acquisition.
- The offer is not subject to a minimum tender condition or any governmental approval condition.
- The CPAC board is required to issue a recommendation statement (Schedule 14D-9) within 10 business days.
Financial Impact
Aggregate purchase price ~S/ 1.892 billion (~US$550 million) if all minority shares are tendered.
Risk Factors
- Low risk of regulatory or legal challenge to the offer in Peru or US.
- Risk that the offer does not achieve full tender, leaving a small public float with reduced liquidity.
- Potential for a competing offer, though unlikely given Holcim's controlling stake and the mandatory nature.
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-T Filing (Primary) | 0001140361-26-040406 |
| Document: ny20083368x1_exc2.htm | 0001140361-26-040406 |
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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