Sarmiento Angulo acquires 15% stake in BAC Holding International with OPA

With the separation of Banco de Bogotá and Grupo Aval from its subsidiary Leasing Bogotá SA Panama, which is a shareholder of BAC Credomatic, Luis Carlos Sarmiento Angulo He’s trying to separate his business in El Salvador and Colombia. In addition, the businessman plans to acquire an additional stake in BAC Holding International, a company born out of this spin-off, through a takeover offer.

The bidder would purchase between 5% and 15% of the existing shares of this issuer, which is expected to be listed on the Colombian Stock Exchange (BVC) yesterday. You will be charged $293 for each title, very close to the advertised reference price of $291. To further the acquisition, a bank guarantee project was filed this Wednesday afternoon by Rendifin SA, which owns 3.6% of the same Grupo Aval.

The key to advancing this transaction will be in the political and economic events in El Salvador and Colombia. The businessman wants to protect himself from the consequences that the Central American country in question has implemented bitcoin as legal tender, adding to the idea that businesses in that part of the region are unaffected by the local election panorama.

Sharon Vargas, market analyst at Itaú Comisionista de Bolsa, assured that “the goal of the economic holding is to remove the volatility that the exchange rate gives to the consolidated results of Grupo Aval and Banco de Bogotá.

The expert added that “for owners, it doesn’t make sense for the bank to have a subsidiary of the same size as the entity in question, so this change would represent greater efficiency in corporate results.”

The division of shares and their distribution to the partners was as follows: first, the separation between Banco de Bogotá and the bank’s beneficiary company came into effect. In parallel, a distinction has been made between Grupo Aval and the beneficiary company of the enterprise.

After these moves were finalized, the merger of BAC Holding International Corp with these organizations was carried out, so that those in Colombian financial institutions also became owners of BHI, for which the buyout offer was presented.

Next, new purchase offers will be approved next Wednesday, as long as bank guarantees are filed and verified before BVC, unless the Colombian Financial Inspectorate (SFC) imposes additional requirements on the bidder. .

After being greenlit by the regulator, Sarmiento Angulo will have to simultaneously publish the bid booklet and the initial announcement of the process through the mass media.

You will need to carry three bid notices within five calendar days, plus you must include the OPA’s acceptance period. This period cannot be less than 10 days or more than 30 working days.

The bidder may extend the originally set dates for acceptance of the offer only once.

This is how shares of Grupo Aval and Banco de Bogotá acted in BVC

Shares of the Colombian Stock Exchange (BVC) platform Banco de Bogotá fell 19.67%, while preferred Grupo Aval variants lost 20.71%. However, if examined in detail, the behavior of issuers was positivewith a profit of between 14% and 20%, taking into account that each shareholder saw that the titles of these companies were reserved for $293 worth of BAC Holding Internacionales.