Gilinski continues after Nutresa, extended the deadline for the purchase of shares until May

Nugil and the Gilinski Group, who aspire to have more shares in the company Nutresa and Sura, announced the extension of the term of the Public Procurement Offering (OPA) by the first company. This is the only opportunity for modification they will be able to make in the current process.

This is the third takeover bid for Nutresa in which conglomerates seek to acquire between 9.6% and 12% of the shares. But so far, according to the Colombian Stock Exchange, quoted by the newspaper El Colombiano, there have been 122 acceptances representing 311,105 shares that correspond to 0.07% of the food company's outstanding securities.

The Gilinski and Nugil own 30.8% of the shares of Nutresa, but they aspire to be around 40% of the food conglomerate, so they will have to purchase in their new offering a total of between 43.9 million and 54.9 million shares.

For that purpose and in view of the advance of acceptances, it decided to extend the deadline for the takeover bid. Initially it had been raised from April 6 to 25, but using the only possible modification, it extended the purchase period until May 16.

On this occasion, the value paid for each share is US $12.58 equivalent to 47,015 Colombian pesos, depending on the decision of the shareholder who decides to sell. According to the newspaper La República, this value represents 20% more than that offered in the second takeover bid and 63.1% compared to the first one.

The value of the Nutresa share closed on the stock market for the first Monday of Easter, according to El Colombiano, with a price of $46,090, more than double that it had in November 2021, when the first takeover bid was launched, when it registered 21,740 pesos the previous day.

The Gilinskis are currently the second largest shareholders of Nutresa, after having achieved participation in the conglomerate of the Antioquia Business Group with a first takeover bid for the Argos Group. The main shareholder is Sura, of which they also aspire to acquire more shares.

The takeover bid for Sura began on April 6 and runs until the 25th of this month, but no extensions of the deadline have been announced. It would appear to remain in the current conditions, although it is not close to the initial objective either.

To date, the Sura Group has received a total of 421 acceptances, according to the newspaper Portafolio, equivalent to some 1′601,676 securities, that is, 5.28% of the shares Gilinski seeks to acquire in that operation and 0.34% of those available.

The objective of this offer is to reach 5.2% or 6.5% of the securities of the financial holding company that totals between 24 and 30 million species. For each one they offer between US $9.88 or $36,924 Colombian pesos. In Sudameris, JGDB Holding and Gilinski have a 31.8% stake.

This week, the meetings of the main shareholders of the companies will be convened to define their position on takeovers. As well as the decisions of bidders regarding the ceilings to be received from shares in each of them in accordance with applicable regulations. However, most acceptances result from the time limit as happened in previous offers.

Although commissions for the sale of the broker must be borne by the seller, the offeror has entered into agreements with some of these companies to pay them together with 19% of the VAT and thus make the offer more attractive.

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