The board of PPC had already rejected the Fairfax bid, telling shareholders in November that it did not regard the offer to be “fair and reasonable”. The company had until 12 December to post its Offer Circular to shareholder; however, on 8 December Fairfax informed PPC that it would no longer proceed with its bid.
Fairfax becomes the third company to drop out of the running for PPC, after Nigeria-based Dangote Cement withdrew in September and Irish multinational, CRH, withdrew last month. It leaves only LafargeHolcim in the running – although the Swiss company has yet to submit a firm offer.
