Holcim Unit Opens S/8.93 Cash Tender for Pacasmayo, Running Oct 22 to Nov 20
CPAC has more than doubled off its 52-week low of $6.25 on light trading volume (0.2× avg).
Summary
Holcim's Inversiones ASPI opened its mandatory cash tender for the 49.99% of Pacasmayo it does not own at S/ 8.93 per share (S/ 44.65 per ADS), running October 22 to November 20, 2026, fully funded with no minimum acceptance condition. Holders who do not tender keep a minority stake in a company headed for NYSE delisting and SEC deregistration.
Key Events · M&A and Partnerships · CPAC
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Tender Opens at S/8.93 per Share
Inversiones ASPI, a Holcim subsidiary holding 50.01%, is offering S/ 8.93 per common share and S/ 44.65 per ADS (about US$2.60 and US$12.98) for all remaining shares — roughly 49.99% of the common stock.
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Total Cost Near S/1.89 Billion
If every outstanding share is tendered, the aggregate price is about S/ 1,892,114,314.86 (roughly US$550.1 million), funded by a Holcim equity contribution and backed by a S/ 1.896 billion BBVA Peru letter of guarantee.
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No Minimum Acceptance or Financing Condition
The offer is not conditional on financing or on any minimum number of shares being tendered; the only conditions are that Peru's SMV not suspend or invalidate the parallel Peru offer and that no authority block the transaction.
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Delisting and Deregistration Planned
After the offer closes, ASPI intends to delist the ADSs from the NYSE and terminate registration of the shares and ADSs under the Exchange Act, which would sharply reduce disclosure and liquidity for holders who stay in.
Analysis · CPAC · Manufacturing
Holcim's subsidiary Inversiones ASPI has formally opened its mandatory cash tender for all Pacasmayo shares it does not own — roughly 49.99% of the common stock — at S/ 8.93 per share (S/ 44.65 per ADS, about US$2.60 and US$12.98). That price is the minimum Peru's regulator requires, set by MSRA's valuation report and equal to the per-share consideration Holcim paid the Hochschild sellers in March, rolled forward at 4.14% for 198 days. Funding is in place: a S/ 1.896 billion BBVA Peru guarantee, no financing condition and no minimum acceptance threshold, with the offer running from October 22 to November 20, 2026. The price sits roughly 6% above the S/ 8.45 Lima close on October 20, the last trading day before launch, and about 99% above the S/ 4.50 close on December 15, 2025, the day before the deal was announced. For holders, the real decision is whether to take certain cash now or keep a minority stake in a company that intends to delist from the NYSE and stop filing with the SEC once the offer closes — a materially less liquid position. Peruvian law provides no appraisal right, and the board's mandated neutrality report (Schedule 14D-9) is due within ten U.S. business days.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 37.2% of the 984 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.83%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CPAC was trading at $12.66 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $6.25 to $12.74. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.