Grupo Argos reported this Thursday that taking into account the technical and strategic analyzes presented by JP Morgan and other advisors, among other considerations, its board of directors decided not participate in OPAs (Public Acquisition Offers) by Grupo Sura nor in the one launched by Grupo Nutresa.
“Grupo Argos will continue accompanying Grupo Sura and Grupo Nutresa to finalize the
initiatives announced by these companies aimed at maximizing value for all
shareholders, among which the linking of strategic partners stands out,” they reported in a statement.
According to the information, what remains is “the commitment to its shareholders so that they are the ones who perceive the fundamental value of the company and its investment portfolio.”
Grupo Argos owns 27.72% of the shares in Sura and 9.86% in Nutresa, significant percentages. In the two previous takeover bids the board of the infrastructure holding company had not agreed to sell to Gilinski, while the patrimonial members of the management body have withdrawn from the deliberation.
On Tuesday, for the third time since the banker Jaime Gilinski launched the Public Acquisition Offers for shares of Sura and Nutresa, Grupo Argos held an extraordinary shareholders’ meeting to decide on possible conflicts of interest on the part of some members of its board. directive against the proposals.
The banker, who was present at the meeting, insisted the board of directors approve the sale, given the benefits that, in his opinion, it would represent for the group and its shareholders.
After deliberations, the meeting, which had a quorum of 81.22%, raised the conflicts raised by Claudia Betancur and Ana Cristina Arango, Grupo Argos board members who expressed their potential conflicts of interest in making decisions regarding takeover bids.
In this context, the independent members Rosario Córdoba, Armando Montenegro, Jorge Alberto Uribe, Claudia Betancur and Ana Cristina Arango were empowered to make the decision whether or not to accept the offers.
“The Board of Directors of Grupo Argos will carry out a comprehensive analysis of the offers, considering, among others, the studies carried out by a group of national and international advisors on the economic, legal and strategic alignment aspects of the same. The decision will be informed in a timely manner,” the group had expressed in a statement.
The Nugil company, of the Gilinski Group, owns 30.8% of Nutresa and announced this week its decision to extend the acceptance period for the takeover bid launched for the third time to acquire more shares of the Antioquian food group.
The initial term that had been proposed was between April 6 and 25, although this last date could be modified for a term not exceeding 30 business days, so the offeror decided to extend the acceptance period until May 16. , that is to say 21 more days.
Gilinski’s JGDB Holding, which already owns 31.5% of Sura, advances another takeover bid for shares of that conglomerate, and intends to make a new portion, between 5.2% and 6.5%.