Peru's SMV Challenges MSRA Valuation Behind S/ 8.93 Pacasmayo Tender Price
CPAC has more than doubled off its 52-week low of $6.25 on light trading volume (0.2× avg).
Summary
Peru's SMV raised formal observations on MSRA's valuation report that sets the S/ 8.93 minimum price for Holcim/Inversiones Aspi's tender for up to 49.99% of Pacasmayo, ordering a one-business-day response. The challenge to the offer's pricing basis comes one day after the tender opened.
Key Events · M&A and Partnerships · CPAC
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SMV Objects to Tender Valuation
Official Letter No. 5332-2026-SMV/11.1 raises formal observations on MSRA S.A.C.'s valuation report, the document that sets the minimum price for Inversiones Aspi's tender for Pacasmayo shares.
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One-Business-Day Response Ordered
MSRA must address all observations in a single written submission within one business day of notification, and the response must not constitute a new version of the Valuation Report.
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Pricing Basis Under Review
The challenged report underpins the S/ 8.93 per-share minimum for the offer covering up to 211,882,902 shares, about 49.99% of the company, open October 22 to November 20, 2026.
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Liability Warning to Valuer
The SMV reminded MSRA and its signing officers they are liable for damages if errors modify the minimum tender price or if technical substantiation is inadequate.
Analysis · CPAC · Manufacturing
Peru's market regulator has formally objected to the valuation report that sets the S/ 8.93 per-share minimum for Holcim's Inversiones Aspi tender for up to 49.99% of Pacasmayo. The SMV flagged unsubstantiated assumptions across the going-concern and liquidation methodologies — the discount-rate build, volume and price growth, El Niño frequency, capex and terminal-value inputs — and gave MSRA one business day to respond without filing a new report. Because the minimum price is the floor of the offer that opened October 22 and runs to November 20, any correction to the valuation could move the price minority holders are asked to accept. The regulator also put the valuation firm and its signatories on notice for damages if errors change the minimum price, which raises the stakes on the response. This lands one day after the tender launched, so the offer window is live while its pricing basis is under review.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 36.8% of the 1026 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.78%. These are measured outcomes after filings of this importance, not a forecast for this one.
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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 negative market sentiment and an importance score of 8 out of 10.