Limak Kurtalan, an industrial cement company, made a takeover bid of $93.25 million for rival cement company, Gaziantep Cement, which the Turkish Savings and Deposit Insurance Fund (TMSF) put out to tender for an estimated $90 million.

The previous takeover bid of $128 million from Sanko was not approved by the Competition Board. In the latest tender, Oci Guney bid $93 million, Limak $91 million and Cimentas $51.7 million for Gaziantep Cement.

The details of companies that made the highest first and second bid offers will be referred to the Authority for consideration to finalize the tender.