Another takeover bid is coming for Nutresa shares

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Another takeover bid is coming for Nutresa shares

After the entry of Jaime Gilinsky to the board of directors of Nutresa, a company in which he holds 76.9% of the shares together with his IHC partners, the market is awaiting the next public acquisition offer (OPA), with which the share could reach 77.9%. Even more.

At an extraordinary shareholders’ meeting, the management of the food holding company reported that the aim of the takeover bid would be to acquire the 23.1% of Species which is in the hands of minority shareholders, paying US$12 for each.

Although the process is ongoing considering the necessary requests and approvals by the regulatory authorities, the offering must be launched by March 6 to comply with the regulations.

Although that price has been set since the middle of last year, Catholic Social Action Corporation President Gregorio Posada, on behalf of other small shareholders, asked the Gilinsky family and the IHC fund to review that price.

As he explained, the losses caused by the exchange rate must be considered, because on May 24, when the first agreement was announced between the companies of the so-called Antioqueño Union, the Gilinsky Group and IHC, the price of the North American currency was $4,501. Was. And today it is $3,915.

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The ball thus goes to the field of small investors, whose stake in the food group does not exceed 2.5%, among them Micro Inversions (2.38%), Libreville (1.2%), Fundación Fraternidad Medellín (0.99%), Finster (0.83 %) and Palarepas (0.61%).

Another element to consider is whether there will be a new share exchange after the takeover bid because Gilinsky and IHC own a share of Grupo Sura, through a company called Sociedad Portfolio, which shares its industrial activity with Nutresa. Was born after separation. Investment portfolio consisting, basically, of shares of the Sura and Argos groups.

And by now these smaller shareholders are also investors in the Sociedad portfolio, so they are making very detailed calculations about whether to remain partners with Gilinsky and IHC, or sell out in the takeover bid at US$12, or exchange their participation. What would be best for them between doing. In the Sociedad portfolio for shares of Sura and Argos.

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Felt uneasy

At the extraordinary meeting of shareholders held at the InterContinental Hotel in Medellín, at which Jaime Gilinsky was elected as a member of the Nutresa board, the little support that the company’s new major partners received from minority shareholders was revealed.

Of the quorum that was at the session and which reached 77.74% of the shares in circulation, only 0.84% ​​corresponded to small investors, despite the fact that more than a hundred people were accredited in the room.

Another indication of the lack of support for the incoming directors of the food holding company was the fact that of the 355.54 million ballots submitted in the voting to elect the board of directors, 342.15 million corresponded to the share held by the JGDB. Holding and Nugil, Gilinsky family companies.

But, there were 7.68 million negative votes, 1.29 million ballots were invalid and 158,665 were listed as blank votes. At this point, observers of the Assembly pointed out that the election of the new board did not reflect the participation of the IHC, which owns 9.86 million species (2.15%), or other historical Nutresa shareholders.

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In other words, if the IHC Fund had participated in this election, the total votes in favor of Gilinsky would have been at least 352.02 million, not 346.4 million, which was the total number of votes that would have been sufficient to ultimately reconstitute the board. Were.

In a brief intervention at the gathering, Jaime Gilinsky thanked and highlighted the work of the outgoing Board of Directors and Administration for the support provided, and reiterated his commitment to establish Nutresa as a leader in the food business.

The change in the board, which went from 7 to 5 members, raised some views from small shareholders, who requested that with 23.1% of assets out of Gilinsky’s hands, minorities get at least one seat on the board, a view that was Not found at all.

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