Until Tuesday and Wednesday, acceptances will be received on the shares of Sura and Nutresa. Will it reach the tycoon to have a seat in the GEA?
The Gilinski Group decided not to give a longer term to the takeover bid for Grupo Sura’s shares, so acceptances will be received only until next Tuesday, January 11, and the takeover bid for Grupo Nutresa will end the next day.
JGDB Holding, the company that offers for the Sura species, had until yesterday to request the extension of the tender offer term, and this information had to be made public in a press notice, as established in the last paragraph of article 6.15.2.1.7 Decree 2555 of 2010, which did not happen.
As it is, next week will be the real one foto finish of both operations, and it will be known if the Cali magnate achieves a seat in the companies of the Antioqueño Business Group.
The latest bulletin of the Colombian Stock Exchange, issued yesterday at the close of the market, revealed that the acceptances of investors of Grupo Sura represent only 0.72% of the common shares of the financial conglomerate, of which Gilinski claims at least 25,344 %.
In the case of Nutresa, the acceptances reach 4.75%, but the claim in the food group is higher, since Gilinski wants control of the company, so he needs at least 50.1%. (see graph).
Once the deadline for acceptances has expired, if they do not exceed the minimum established in the offer, the bidders will be able to define whether they want to keep the shares that they agreed to sell or not, since the booklets of the public offerings will do so. allow.
A movie ending
The same stock exchange explained from the beginning of the acceptance period that the greatest number of these occurs towards the end of the process. Andrés Moreno Jaramillo, financial advisor, explained that in these cases it is very possible that pension funds and collective portfolios are waiting until the last minute to make their move, since they will have much more information about the market than in December.
Therefore, it is expected that next Tuesday and Wednesday the shareholders who are still in doubt will decide, so that at the time of closing Gilinski can analyze his position and define if he continues with the business. Finally, that the offers conclude with only one day of difference will give them more elements to make their decision.
New players?
Eyes are also on new investors or those who have strengthened their positions in the course of the IPOs, for example, in December 5,048,071 shares of Nutresa and 4,594,588 of Sura were traded on the Stock Exchange outside the tender offer. (taking into account the period in which this species was suspended), movements that valued the shares 31.73% and 19.28% respectively.
What is striking is that in these transactions foreigners ordered the stop: from each of the conglomerates they acquired 2.27 million shares, which represents 44.95% of Nutresa’s purchases and 49.62% of those of Sura. Moreno Jaramillo considered two scenarios: that they are positioning themselves in the long term to see what happens with Gilinski’s offer, or that they are planning to sell him as a fixed income investment in the short term.
“People are selling on the stock market at a lower price than the takeover bid, if there is a better price there; Investors are also seeing the risk that the offer will not come to fruition, “said the financial advisor, who believes that the most likely is that the shares will collapse if the offer fails, so it turns out to be better to sell on the stock market to the fixed
Final straight of the OPAS
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