Bachoco Industries, one of the main players in the poultry industry, announced its decision to delist from the Mexican Stock Exchange (BMV), as other companies such as Grupo Lala, IEnova or Bio Pappel did before.
This Friday, Bachoco informed the BMV that the Robinson Bours family informed the Board of Directors of initiating the process to celebrate a voluntary takeover bid “for up to all of the shares representing Bachoco’s capital stock.
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These include “shares represented by American Depositary Certificates, owned by the general investing public, which are not directly or indirectly owned by said shareholders or affiliates, which to date represent approximately 27% of Bachoco’s total capital stock.”
As a result of this voluntary takeover bid, the company intends to promote the processes to request the delisting of the shares representing Bachoco’s capital stock in the various stock markets where its shares are registered, including the New York Stock Exchange and the Mexican Stock Exchange.
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Bachoco stated that “he expects the offer to be carried out concurrently in Mexico and the United States of America, at an estimated purchase price of 81.66 pesos per share. This price reflects a premium of 20% with respect to the average listing value of the shares representing Bachoco’s capital stock, on the Mexican Stock Exchange, SAB de CV, for the last 30 days of listing.”
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The voluntary takeover bid will be subject to registration with the National Banking and Securities Commission, the US Securities and Exchange Commission and the authorization of the Bachoco Board of Directors.
In the coming days, the communication adds, the Robinson Bours family “will present the documents that will describe the terms and conditions of the voluntary public offering before the corresponding securities authorities.”
“Under the terms of the company bylaws, its Board of Directors will decide on the start of the offer by the Bidder (Robinson Bours family) and the members of the Board of Directors will decide on the price of the offer within ten days working days following the beginning of the same in accordance with the applicable legal provisions”, it is indicated.
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