Gilinski launches a new takeover bid: this time it goes for Grupo Argos

They approve the takeover bid of the Gilinski Group for Grupo Argos

Last night, the Financial Superintendence approved the execution of the public acquisition offer (opa) of the Gilinski Group by Argos Group, what would be the sseventh operation of this type carried out by the business and financial group for the three pillars of the Antioquia Business Group (GEA).

On Monday night, the Gilinski Group, through the firm Nugil, accredited before the Colombian Stock Exchange the constitution of the guarantee to carry out the takeover bid. ANDThe guarantee that it presented to advance the operation amounts to US$461 millionwhich will be made through a standby letter of credit.

(US$461 million, to the Grupo Argos takeover bid).

This will be the seventh takeover bid carried out by Grupo Gilinski, after three previous operations by Grupo Nutresa, the last of which was declared void, and three more by Grupo Sura, GEA’s financial holding company.

What comes now is that in five calendar days three public offer notices must be published in the media and the offer booklet to the market. The operation may not be carried out within a period of more than 30 business days, although extendable according to the offeror’s request.

(What is missing for Gilinski to get into the GEA).

Last week the Gilinski Group slightly raised the price of the bid, going from US$4.08 to US$4.28, that is, 20 cents per share. Gilinski seeks to acquire between 26% and 32.5% of the holding company that brings together companies such as Cementos Argos, Celsia and Odinsa, among others.


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