What’s next in Sarmiento Angulo’s new takeover offer for BAC Holding?

Yesterday, Luis Carlos Sarmiento Angulo submitted a Public Purchase Offer (OPA) for BAC Holding International, a new entrant to the Colombian Stock Exchange (BVC). Although the businessman is the largest shareholder of this company, the buyout wants 5% to 15% of the shares. You will be charged $293 for each title, very close to the advertised reference price of $291.

To further the acquisition, the bank guarantee project was filed this Wednesday afternoon by Rendifin SA, which owns 3.6% of it. Approval Group. This transaction comes after Banco de Bogotá and Grupo Aval split from its subsidiary Leasing Bogotá SA Panama, which is a shareholder of BAC Credomatic, which is trying to separate businesses in El Salvador and Colombia.

Now the decision is in the hands of the Colombian Financial Inspectorate (SFC); if it does not impose additional requirements on the bidder, it will announce the approval of the bid next Wednesday, as long as the necessary guarantees are provided and approved. .

After being greenlit by the regulator, owners of organizations such as Banco de Bogotá, Av Villas, Banco de Occidente, Banco Popular and Corficolombiana will have to collectively publish the bid booklet and the first notice of the process at the same time. media.

Within five calendar days you will have to carry three bid notices, in which you must also include the acceptance period of the offer. OPA. This period cannot be less than 10 days and not more than 30 working days.

However, the offeror may extend the initially established period for acceptance of the offer only once and at least three working days before the end of the first period. Such extension may not exceed the specified maximum period.

This extension should be communicated to the interested parties through an announcement and official channels published in the same environment as the first bid announcement.

After finalizing the bid, BVC has five calendar days to approve and reward the sale. After this maturity period is completed, those who decide to sell will be paid three days later.

Conversely, a person wishing to submit a competitive takeover offer must submit a new offer up to three days before the offer’s acceptance period expires, which should improve by 5% to the originally offered bid so that the sold bid becomes the new buyer by that time.

Source: Lare Publica

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