Pacasmayo Board Stays Neutral on Holcim's S/ 8.93 Tender; Directors to Tender Their Shares
CPAC has more than doubled off its 52-week low of $6.25.
Summary
Pacasmayo's board filed its required report on Holcim's S/ 8.93-per-share tender for 49.99% of the company, taking no recommendation and noting that shareholding directors intend to tender. The offer sits above recent market prices but barely above the S/ 8.73 Holcim paid under the SPA.
Key Events · M&A and Partnerships · CPAC
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Board Issues Article 15 Tender Report
After review by a special committee of independent directors Esteban Chong León, Ana María Botella Serrano and Venkat Krishnamurthy, the board unanimously approved its reasoned report on Inversiones Aspi's offer for 211,882,902 shares, or 49.99% of CPAC, at S/ 8.93 per share.
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No Recommendation; Neutral on U.S. Offer
The board expresses no opinion on fundamental value and remains neutral under Rule 14e-2, leaving acceptance to each holder's tax position, cost basis and currency; the Schedule 14D-9 was filed concurrently.
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Directors Intend to Tender
CPAC directors holding shares or ADSs intend to tender in the Offers for personal financial reasons; no CPAC affiliates hold shares subject to the Offers.
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CEO and Holcim Execs Recuse
CEO Humberto Nadal del Carpio and Holcim executives Santiago María Ojea Quintana and Simon Rolf Kronenberg abstained from the vote; Nadal still signed the report as chairman.
Analysis · CPAC · Manufacturing
Shareholders now have the legal framework to decide on Holcim's S/ 8.93-per-share cash offer for the 49.99% it does not own, and the board declines to recommend either way. The useful new detail is that directors who hold stock plan to tender, and that the CEO and the two Holcim executives recused themselves from the vote. The board also lays out its own comparison: S/ 8.93 is above the S/ 8.70 last trade on October 23, 2026, the S/ 7.10 close after the deal was announced, the S/ 6.16 six-month average and the S/ 4.50 close on the SPA date, but only marginally above the S/ 8.73 Holcim itself paid. Note the offer is denominated in soles while CPAC's ADSs trade near $12.78 in New York, so ADS holders receive the sol price converted at the offer's terms, not the U.S. quote. Acceptance is each holder's call; the offer's outcome, not this report, is what reprices the stock.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. 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 $12.78 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $6.25 to $12.87. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.