After reading the following article I think I will just hold on...

After reading the following article I think I will just hold on for the ride...

Australia's Rinker seen rejecting Cemex $12 bln offer
By Wendy Pugh

MELBOURNE, Oct 29 (Reuters) - Australia's Rinker Group (RIN.AX: Quote, Profile, Research) is likely to reject a $12 billion bid from the world's third-ranked cement maker Cemex, analysts said on Sunday as a top official of the Mexican bidder was reported arriving in Sydney.

Mexico-based Cemex (CEMXCPO.MX: Quote, Profile, Research), which operates in 50 countries, said on Friday it was making an all-cash $13 per share (A$17 per share) offer for Rinker. The unsolicited bid also includes taking on $860 million of Rinker Group Ltd.'s debt.

A source close to Rinker said the bid was opportunistic, based on a share price which was at a cyclical low, even though it represented a premium of more than 20 percent to Rinker's closing price on Thursday, before talk of a takeover began to lift the stock.

The bid announcement drove Rinker's New-York traded ADRs up 33.15 percent to close at $71.10, putting them at about a 9 percent premium to the Cemex bid price, and suggesting the market expects a higher offer.

Rinker's ADRs represent 5 ordinary Rinker shares, and Friday's ADR price indicates an Australian share price of about A$18.60 per Australian share at an exchange rate of A$1.31 for $1. The Australian shares had already jumped 5.8 percent to close at A$14.70 earlier on Friday, rallying in late trade on speculation a bid would be announced.

Goldman Sachs JB Were analyst Matthew McNee said Cemex would likely need raise its bid to more than A$20 a share have any chance of success, with its current offer significantly undervaluing Rinker.