By Oliver Griffin
PPC Ltd. (PPC.JO) said Thursday that following an initial receipt of interest by CRH PLC /zigman2/quotes/202550827/composite CRH +0.88% with regards to submitting an all-cash proposal to acquire a controlling stake in the company, CRH has now decided not to pursue its expression of interest.
Cement supplier PPC said that following the initial expression of interest from the building materials company, it had permitted CRH to conduct initial due diligence so that it could submit an update to its interest, including a value per share.
PPC said that on Dec. 4 it was advised by CRH that the Irish company would not be submitting an updated expression of interest and would withdraw from the process.
Due to ongoing negotiations with other investors, PPC warned shareholders to exercise caution when dealing in its securities.
Shares at 1042 GMT are down 0.34 South African rand, or 5%, at 6.55 rand.