Tender Offer: Takeover Bid | Grupo Nutresa
International investors have been after the shares of Grupo Nutresa S.A. formerly known as Grupo Nacional de Chocolates S.A. and before that, as Compañía Nacional de Chocolates. Its shares have been listed on the Colombian stock exchange for "almost all its life". With its different transformations, becoming one of the most solid conglomerates in the region in the food sector. It includes a line of pasta, chocolates, ice cream, cold meats, canned goods, cookies, among others. The JET chocolates they produce are well known, as well as their Sello Rojo coffee.
Bids for Grupo Nutresa shares
A few weeks ago, foreign investors (Nugil), headed by Grupo Gilinski, requested before the Colombian regulator, the permission to launch an offer for up to 62% of Grupo Nutresa's shares. This is conditioned to a minimum to obtain 50% + 1 of the outstanding shares, which would allow them to obtain control of the company. Permission was granted and the takeover bid is underway.
This event has caused a stir, because the premium over the market price is 38% above the price marked to market on the day the buyer's intention was announced.
Without finishing this first offer, just a couple of days ago, the same group of investors, through another company (JGDB Holding), launched an offer that starts with 25% + 1 of the outstanding shares of Grupo Sura, which has within its portfolio Seguros Suramericana and participations in several companies such as Bancolombia (owner of 100% of Banistmo in Panama), Grupo Argos and Sura Asset Management, where the AFP's (Pension Funds Administrators) business is concentrated. They also have concessions in roads, ports and airports.
In the past, perhaps 35 years ago, the so-called GEA (Grupo Empresarial Antioqueño) avoided a hostile takeover through the stock exchange. There were no dematerialized securities as there are today, and what circulated were physical bearer securities that could be endorsed. It was listed on three different stock exchanges in Colombia, before the BVC (Bolsa de Valores de Colombia) was founded.
