Grupo Carso announced that it is seeking to acquire all of the outstanding shares of Grupo Sanborns that are on the Mexican Stock Exchange (BMV) and thereby lose its focus, company sources confirmed to El Financiero.
“We suffered with the pandemic but we already bring an important rate of recovery. The intention, the ultimate goal is to delist from the Mexican Stock Exchange, which is why the offer was launched,” the station confirmed to El Financiero.
In the last year, other companies that have delisted from the BMV are Elementia, Biopappel. Bachoco and Lala are in the process, while those from Grupo Herdez are equally interested.
The amount per share offered by Grupo Carso for Sanborns is 26 pesos, payable in cash in local currency.
“Grupo Carso, SAB de CV (GCARSO), announces that at the meeting of the Board of Directors held on July 25, 2022, it was agreed to initiate the processes for the purpose of launching a voluntary takeover bid for all of the shares in circulation of Grupo Sanborns, SAB de CV, property of the investing public”, it was notified in a statement.
They state that the offer will be subject to obtaining the various corporate and regulatory authorizations.
“It launches the public offer to seek to acquire all the shares, but if it is not achieved, nothing happens, it does not delist, but it will surely remain with very little marketability. It was first agreed upon by the board of directors and later it will be proposed to the BMV and the CNBV and will be subject to approval. In your case, the period covered by the offer is announced,” explained Carlos González, an analyst at Monex.
According to the BMV platform, there are just over 2.2 billion shares of Grupo Sanborns in circulation, and this Tuesday each one closed with a value of 22 pesos, last year it was 16.96 pesos.
For his part, Carlos Hermosillo, an analyst specializing in consumption, commented that the advantage of being a public company in Mexico is less and less, and the cost of being listed if it becomes somewhat high, so it is uncertain if the station would seek to be listed. in another stock market, or outright and better to be financed via debt only.
Between April and June of this year, the retailer chaired by Carlos Slim Domit increased its annual income by 22.6 percent, with a value of 14 thousand 691 million pesos.
The previous amount is even 22 percent more than sales for the same period in 2019, prior to the Covid-19 pandemic.
The celebration of Mother’s Day and the Hot Sale campaign raised the operating flow (EBITDA) and the income of Grupo Sanborns in the second quarter of 2022.
It reported an EBITDA of one thousand 513 million pesos, equivalent to an increase of 64.8 percent against the 918 million pesos of the similar period in 2021.
“The different formats of Grupo Sanborns have shown a good improvement after the effects of Covid-19. The events of Mother’s Day and the Hot Sale contributed favorably to this recovery”, the company communicated in the financial report.