After the third offer for shares of Grupo Sura, the banker Jaime Gilinski signed up an additional 2.99%, and established himself as the main partner of the financial holding company, having 34.58% of the property of the parent company of the so-called Business Group. Antioquia (GEA).
The achievement materialized at the close of the acceptance period of the Public Acquisition Offer (OPA) that the Colombian Stock Exchange (BVC) had open from April 6 until yesterday, when 1,563 acceptances were received from interested parties in selling the species, accepting US$9.88 each.
After the takeover bid, the schedule for JGDB Holding, a Gilinski company that is the owner of the offer, contemplates that next Friday the BVC will make the award official and with the Representative Market Rate (TRM) of the dollar in force that day, they will be paid to who chose to sell, next May 4th.
The two previous takeover bids allowed Gilinski to acquire 31.59% of Sura’s property, paying US$1,235.46 million. For the new package of 13.96 million, it will have to disburse another US$137.98 million (see To know more).
With this move, the banker’s bet was to reach a portion of a minimum of 5.2% and a maximum of 6.5% of Sura’s shares, but in order to keep the acceptances received by the stock market, 2.99%, he had to lower the minimum cap.
Stock market analysts highlighted that since November 30 of the previous year, when the first takeover bid for Sura was launched, this company’s shares appreciated 41.4%, rising from $25,150 to $35,500, that is, they earned $10,350.
With their decision not to accept the takeover bid, Grupo Argos retains 27.86% of the shares of Sura, and Nutresa 13.07%, and thus, together with Gilinski, they are the main partners of the financial conglomerate led by Gonzalo Alberto Pérez ( see graph).
the negatives
One of the most extensive explanations for not accepting the takeover bid for Sura was given by Cementos Argos, a company in which the deliberation of the independent members of the board of directors, empowered by the assembly, decided not to accept the business.
In the opinion of Carlos Gustavo Arrieta, Cecilia Rodríguez, Esteban Piedrahíta and León Teicher, the third offer was less attractive than the second given the recent appreciation of the peso against the dollar, and they added that it was materially lower than the fundamental value of the company, being even for below its book value.
And it is that in the first OPA awarded in January, each share was paid at US$8.01 and at that time the TRM was $3,950.40.
In the second, the price offered was US$9.88, but the dollar at the beginning of March had fallen to $3,771.77. For the development of the third OPA (April 6 to 25), the offer price was not modified, and the TRM ranged between $3,723.79 and $3,819.07, but it must be remembered that the payment of the shares will be made with the rate in force on the day of the award, probably next Friday.
For the non-patrimonial members of the board of the cement company, the offered price ignored the leadership of Grupo Sura in its markets and the solidity of its portfolio investments. If the takeover bid had been accepted, Cementos Argos would have received income of US$280.54 million.
“We invite the bidder, in its capacity as a relevant shareholder of Grupo Sura, to accompany, support and join forces so that the company continues to build those initiatives aimed at maximizing the value of all shareholders and other interest groups,” the members noted. independent of the board of Cementos Argos.
And while Gilinski waits for the stock market to deliver the results of the OPA award, for economic analysts these types of actions, that is to say, consecutive and recurring offers, are nothing more than a sample of the practices of a rampant capitalism in which it is imposed money above any criteria, value and business and social ethics that companies like Nutresa and Sura have built in Antioquia for decades that, despite their shortcomings and weaknesses, as well as the great challenges to improve in various aspects, focus more on the so-called conscious capitalism.
On the other hand, through the firm Nugil, the Gilinski Group is developing a third OPA for Nutresa shares in which the stock exchange has received 195 acceptances for 373,613 shares, that is, 0.08% of the shares in circulation. This offer will be open until May 16.
$35.500
price reached yesterday on the stock market by Grupo Sura.
