Shares of Sura rose 11% and Nutresa shares rose 5% after the third proposal was approved.

A month later, the shares of Grupo Sura and Grupo Nutresa were again traded on the Colombian Stock Exchange (BVC). Shares of the insurance and investment company rose 11.11 percent to $35,500, while shares of food multilatina rose 5.16 percent to $46,500.

In total, $163,144 million was traded on the stock market. $33,284 million and 938,358 shares were traded in Inversiones Suramericana, while $3.336 million and 72,774 shares were traded for Nutresa. Most of the purchases in the second issuer were for one share.

Its return to the public market takes place this Tuesday after the publication of the first offer announcement; where it is known that the takeover offer acceptance period will initially take 12 business days in addition to specifying how the purchase will be carried out. Gilinski’s intention to merge the Bancolombia, Sura and GNB Sudameris businesses.

By far, the action of the multilatina food is what brings the most benefits. Between November 11, when the first offer was announced, and February 28, when the third offer was presented, the issuer’s shares rose 103.5% from $21,720 to $44,220, posting a strong 10% rebound on the last day. before suspension.

In fact, the new acquisition of Nutresa accounts for 9.6% to 12% of the total outstanding shares, equivalent to 43.9 million to 54.9 million shares. The price payable for each title is $12.58 or $47,375, representing a 20% increase over the second OPA and a 63.1% increase over the first.

In the case of Grupo de Inversiones Suramericana, the price per species remains the same as in the runoff: US$9.88 or US$37,207. The offer seeks 5.2% to 6.5% of existing shares, equivalent to 24.3 million to 30.4 million species.

Valeria Álvarez, Equity Analyst at Itaú Comisionista de Bolsa, believes enthusiasm over takeover bids is waning. “A third proposal provides some convergence to the market and the issuer. But I don’t think we’re going to have as much of an exaggerated dynamic as we’ve seen,” she says.

Depending on the success of these new takeover bids, the panorama of Grupo Empresarial Antioqueño will continue to change.

Currently, Gilinski owns 30.8% of Grupo Sura and 31.6% of Nutresa. However, if the process is successful, the percentages could rise to 37.3% and 43.6%, respectively.

CONTRAST

  • valeria alvarezStock Analyst at Itaú Comisionista de Bolsa

    “A third proposal provides some convergence to the market and the issuer. But I don’t think we’ll have as much of an exaggerated dynamic as we saw in November.”

  • William SinisterraPhD in Economics from New York University

    “In every respect, the balance of power within GEA companies has changed. Further takeover offers for other companies such as Grupo Argos or Bancolombia cannot be ruled out, because they have the money”.

According to Guillermo Sinisterra, PhD in Economics at New York University and professor at Javeriana University, “in every respect, the balance of power within GEA companies has changed. Further takeover offers for other companies like Grupo Argos or Bancolombia cannot be ruled out, because they have the money.”

OPA admissions will run from April 6 to April 25 with the option to extend the deadline

With the publication of the takeover bid announcement, the dates when the existing partners would accept the takeover bid were announced. For Grupo Nutresa and Grupo Sura, the said period will be 12 working days and It will expire on April 6 and April 25 same month. Again, Gilinski left open the possibility of changing the minimums and maximums in his takeover bid for the food company, although he promised not to buy more in the investment and insurance company.

Source: Lare Publica

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