Mexican cement giant CEMEX raised its offer on Monday as the cement producer is planning to acquire Trinidad-based cement firm Trinidad Cement Limited (TCL).

Cemex announced in a media released that it had raised its takeover offer value from US$ 4.50 to US$5.07 per share through its subsidiary Sierra Trading.  In addition, the company also provided the option for TCL shareholders the option to be paid in US dollars (with the exception of TCL in Barbados), Trinidad Guardian reported.

Cemex also stated said the new offer is being made following the plan to buy up to 132,616,942 ordinary shares in TCL, which together with Sierra's current share ownership in TCL of around 39.5 per cent would if successful, result in Sierra controlling up to 74.9 per cent of the TCL's equity share capital.

In early December last year, Cemex announced it was planning to acquire TCL share worth US$ 4.50 per share. Cemex's decision to increase the offer price was because TCL directors urged directors to reject the price offered, arguing the price was not the full reflection of TCL commercial value, Jamaica Observer stated.

TCL's board of directors argued that the price of TCL share was supposed to be higher than US$ 4.50 per share piece. It is considered unfair from a financial perspective. Even well-known auditing firm Ernst&Young described the price is unfair, reviewing several factors such as TCL's sustainable earning, analysis of TCL markets and so on.

 Meanwhile, former TCL boss Rollin Bertrand previously criticized Cemex for coming with a nonsense price of US$ 0.92 per share in 2002. Bertrand was deposed from the post in August 2014.

Bertrand continued that it was ironic that the board cannot depend on management's assessment of CEMEX's acquisition price because it has put CEMEX managers in all difficult situations. Furthermore,  he highlighted the importance of managing conflicts of interest with CEMEX directors.