After the second takeover bids (takeover bids) were completed, in search of shareholder control of Grupo Nutresa and a majority shareholder of Grupo Sura, with which they achieved this Monday 30.8 percent of the first and 31.5 percent of the second the Gilinski Group once again surprised the market and decided to make a third takeover bid for these companies.
(Also read: The second season of the takeover bids launched by Gilinski for Sura and Nutresa ends)
Indeed, this Monday night the Financial Superintendence reported that it received a new request for authorization of a takeover bid by Grupo Nutresa, behind which are the Valle del Cauca investors, as it was known, with a purchase price of 12.58 dollars per share, payable in cash and in Colombian pesos or dollars.
“The public offer is formulated to acquire a minimum amount of shares equivalent to 9.6 percent and a maximum amount equivalent to 12%,” says the communication from the Superfinanciera, which this Monday, again, ordered to suspend trading on the stock market. of the Nutresa securities, until the day following the publication of the offer notice.
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Compared to the price paid in the second bid, those who eventually decide to sell in this third bid will receive 20 percent more than those who decided to accept in the second bid, and 63.2 percent more than those who did so in the first bid.
Similarly, the new takeover bid by Grupo Sura, the financial parent company of Grupo Empresarial Antioqueño (GEA), aims to acquire titles paying 9.88 dollars for each one, and seeking to acquire a minimum of 5.2 percent and a maximum of 6.5 percent, additional to the consolidated percentages after the completion of the second takeover bid this Monday, February 28.
For the action of Grupo Sura, the suspension of its trading on the stock market was also ordered.
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In this case, the purchase price offered for Grupo Sura’s third takeover bid is the same as that of the second, which indicates that those who have not agreed to sell would receive 23.3 percent more compared to those who did so in the first. operation.
For the action of Grupo Sura, the suspension of its trading on the stock market was also ordered.
With this new takeover bid, the Gilinski Group once again insists on its goal of achieving a controlling majority in Grupo Nutresa and obtaining a greater percentage in Grupo Sura, actions with which it continues to challenge the Antioquia business conglomerate.
The second bids
Yesterday, prior to the surprise announcement, lThe Gilinski family added another 6.25 percent to the share package it already had in Grupo Suramericana de Inversiones (25.3 percent). With this, and waiting for what happens in the third takeover bid, the balance of power still continues in favor of the Grupo Empresarial Antioqueño (GEA).
The reason is that, in addition to the percentage that Grupo Argos de Sura currently has (27.7 percent), Nutresa’s 13.04 percent, Cementos Argos’s 6 percent, and Cementos Argos’s 2.28 percent of the Argos Foundation.
Thus, the GEA will continue to control around 49 percent of Grupo Sura, with what is estimated to be coming now “a struggle to seek powers from the independent members of the board of directors of that organization that tips the balance in favor of the new partners,” said consulted analysts.
According to the Colombian Stock Exchange (BVC), this time more than 2,450 shareholders decided to sell the Gilinskis about 36.3 million shares (7.74 percent of the total outstanding) at a price of $9.88. per title, exceeding the maximum percentage to buy by 124 percent.
Despite this higher offer, investors will only take the maximum intended in the takeover bid, that is, 6.25 percent, as it was known.
Meanwhile, In the Nutresa takeover bid, investors only obtained an additional 3.11 percent to the 25.3 percent they had obtained in the first takeover bid, according to the BVC, for a total of 30.8 percent.
To do this, they will release the minimum limits established in the takeover bid booklet to accept that percentage, because as it is recalled, that option was left open. With that 30.8 percent of Nutresa, the Gilinskis, through Nugil SAS, a company in which the investment fund Royal Group of Abu Dhabi also participates, are ratified as the second largest investors in the food processor, after Grupo Sura, which controls 35.4 percent.
The two operations required an investment of more than 2,400 million dollars, about 9.5 billion pesos.
the assemblies are coming
The closing of the takeover bids and the new one that was announced last night, takes place a few weeks before the shareholders’ meetings of both Grupo Sura and Nutresa, in which, as announced by their directors, increases in the dividend will be proposed to distribute among its partners, of which the Gilinskis are already a part.
In Nutresa, for example, the proposal includes an annual dividend of 948 pesos per share.a figure that compared to last year indicates an increase of 35 percent.
In Grupo Sura, for its part, what its directors will propose is to distribute 454,115 million pesos among its partners, at the rate of a dividend of 784 pesos for each share.
‘Holding’ made $1.5 billion in 2022
The Suramericana de Inversiones Group obtained profits of 1.5 trillion pesos last year, of which 406,748 million were achieved in the fourth quarter of 2021, indicated its directors.
They added that the organization’s income grew 19 percent and reached 24.8 billion pesos in that year.
“The positive evolution in income is explained by an accumulated growth of 16.3 percent in issued insurance premiums and 14.3 percent in income from commissions,” they explained.
Regarding the level of indebtedness of the group, the directives specified that the company and its subsidiaries advanced in the process of reducing said level by some 658,598 million, compared to December 2020, mainly explained by the amortization of credits for 505,500 million last year. “The net debt of Grupo Sura (holding) closed at 4.7 billion,” they indicated.
They also explained that the planned share repurchase plan was executed as contemplated until November 2021, because as of December 1, the procedures for the two takeover bids began. Until that moment, Grupo Sura had reacquired a total of 55,079 million pesos in shares.
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