This May 19, the Colombian Stock Exchange announced that the Financial Superintendence ordered the suspension of the trading of the ordinary shares of Grupo Argos SA, due to the fact that Nugil SAS, owned by the Gilinski Group, filed a new authorization request for a takeover bid.
Consequently, the Stock Exchange suspended the trading of Grupo Argos, which will be effective as of May 20, 2022 and until the business day following the publication of the offer notice by Grupo Gilinski, offeror of the OPA.
(The third Gilinski takeover bid for Nutresa is declared void).
For its part, the Financial Superintendence reported that the purchase price for each share of the issuer, Grupo Argos, will be USD$4.08, and added that “the takeover bid is formulated to acquire a minimum number of shares equivalent to 26% and a maximum number equivalent to 32.5%”.
According to analyst Laura Daniela Triana, from Acciones y Valores, “the price could turn out to be not so attractive for the market because, if we review the recent records of Grupo Argos, which has fallen below $14,000 per share and in January reached its maximum value of around $17,000, we do not have a premium as high as in the case of Nutresa. However, in such an uncertain period due to elections, this could represent a good percentage of acceptances and for the GEA it will not be something attractive.”
It should be noted that, as of November 10, 2021, the Gilinski Group seeks to take control of at least a 50.1% stake in Nutresa, one of the three pillars of the Grupo Empresarial Antioqueño (GEA). So far, through hostile takeover bids, Gilisnki has achieved 30.8% of the conglomerate.
In the case of Surah Groupon which they also made three takeover bids, Gilinski outperformed with 34.5% shares.
BRIEFCASE
