On July 6, the public offer for the acquisition of shares (takeover bid) that the Gilinski Group had launched for the Argos Group ended, the seventh by companies of the Antioquia Business Group, and the balance was negative because despite the fact that it obtained acceptances for 11.08% of the shares of the infrastructure and cement holding company, it did not come close to the proposed minimum of 26%.
(Gilinski did not reach half of the shares he was looking for in Grupo Argos).
For this reason, and by not agreeing to release the minimums, that is, buying less than the proposed minimum, it did not agree to buy the 73,466,106 shares offered by 2,334 members of the company, so the Colombian Stock Exchange declared the operation void. The minimum proposed to buy was 26% participation and the maximum 32.5%.
For Daniela Triana, equity specialist at Acciones & Valores, despite the fact that with the strength of the dollar the operation could be advantageous for the shareholder, the noise of a possible recession in the United States had an effect because “those were not the expectations of the market”.
(Grupo Sura’s Board of Directors will not sell its Grupo Argos shares).
This added to the fact that it was considered, from when the Gilinskis launched the takeover bid, that the minimum participation to be acquired was very high.
He estimated that an aggressive price correction will come, since there is no incentive “to keep the price high and it will be a heavy blow for those who have that stock in their portfolios.”
In fact, yesterday the share price of Grupo Argos suffered a sharp drop of 7.4% on the Colombian Stock Exchange.
He anticipated that the Gilinski Group could present a takeover bid for Bancolombia, “although it is not that simple because it would end up being more expensive than the others due to the premium it would have to offer.”
For his part, the financial and stock market analyst Andrés Moreno Jaramillo said that “the market is wasting a great opportunity for a businessman. The GEA, due to regional and political issues, did not want to see that this was a good move”.
He warned that the pension funds lost the opportunity to sell at good prices.
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