Yesterday, Luis Carlos Sarmiento Angulo filed a Public Purchase Offer (OPA) for BAC Holding International, marking a notable moment for a new entrant on the Colombian Stock Exchange (BVC). Although he is the largest shareholder, the bid aims to acquire between 5% and 15% of the company’s shares, at a price of 293 per title, which aligns closely with the reference price of 291 announced to the market.
To move the acquisition forward, Rendifin SA, a stakeholder with a 3.6% stake, submitted the bank guarantee project on Wednesday afternoon, signaling serious intent. This development follows a broader reshuffle in ownership as Banco de Bogotá and Grupo Aval have separated from their subsidiary Leasing Bogotá SA Panama, itself a shareholder in BAC Credomatic, which is pursuing a business separation strategy across El Salvador and Colombia. The result is a clearer path for BAC Holding International to consolidate its ownership structure and pursue a unified strategy going forward.
At this stage, the decision rests with the Colombian Financial Superintendent (SFC). If the regulator does not impose additional conditions on the bidder, the approval of the bid is anticipated next Wednesday, provided that the necessary guarantees are in place and duly approved. The regulatory green light would clear a path for the next steps and set the stage for the formalization of the deal, pending the completion of all stipulated safeguards and disclosures.
Once the regulator gives the go-ahead, major shareholders linked to institutions such as Banco de Bogotá, Av Villas, Banco de Occidente, Banco Popular, and Corficolombiana will be responsible for synchronizing the publication of the bid booklet and the initial public notice. The objective is to ensure that all interested parties are informed simultaneously and have an equal opportunity to assess the terms of the offer and the implications for the market and for BAC Holding International’s strategic direction.
In terms of timelines, bidders must issue three bid notices within five calendar days, ensuring that the acceptance period of the offer is clearly defined. That acceptance window must not be shorter than 10 days and cannot exceed 30 working days. This structure provides a predictable window for shareholders to evaluate the offer in light of the bidder’s commitments and the overarching market considerations.
The offeror may extend the initial acceptance period only once and must do so no later than three working days before the end of the first period. The extension cannot surpass the maximum allotted duration. Any extension must be communicated openly to all interested parties through official channels and within the same informational framework used for the initial bid announcement, maintaining transparency throughout the process.
After the bid phase concludes, the BVC has a five-calendar-day window to issue its approval and to formalize the sale. Once that maturation period ends, investors who choose to sell will receive payment within three days, completing the financial settlement aspect of the transaction and enabling a timely capitalization event for the seller group.
Conversely, if a bidder wishes to present a more competitive takeover offer, they may submit a revised bid up to three days before the acceptance period expires. The revised offer should reflect an improvement, typically at least 5% higher than the initial bid, positioning the new bid as the most appealing option for the target’s owners and signaling the bidder’s commitment to securing the deal through superior terms.
The process outlined above emphasizes a coordinated, regulator-guided path to major ownership changes, designed to protect minority interests while enabling strategic realignment among the involved financial institutions and corporate groups. Stakeholders will be watching both the regulatory response and the pace at which guarantees are secured, as these elements will strongly influence the eventual outcome and the subsequent evolution of BAC Holding International within the regional financial landscape.
Note: all developments reflect ongoing market analysis and public disclosures related to the transaction. Citations for the information provided in this overview are attributed to Lare Publica as the primary reporting source for these events.