Not so fast

Just when you thought Cemex-Rinker was a done deal. Rinker's third largest shareholder, Australian Foundation Investment Co., (AFIC) has reportedly rejected outright Cemex's sweetened takeover offer. AFIC which holds 6.5 million Rinker shares, has for awhile been sending signals that it would like to see the hostile takeover bid fail. AFIC is also reportedly encouraging other major stakeholders to rebuff Cemex's revised offer. Analysts say Argo Investments, Rinker's number four shareholder, is also in no hurry to accept the revised offer. The chances of a rival bid are highly unlikely, given that Rinker's board has already explored alternatives including private equity funds and corporate restructuring. Company financial reports due in May could play a role in how this all pans out. Your comment?