2023-06-29 23:56:43
Just 24 hours ago, Jaime Gilinski, a Colombian businessman and baker, sent an offer of 836 million dollars to buy the shares that Companhia Brasileira de Distribuição (GPA) has in the operation of the Éxito supermarket chain.
However, a few minutes ago a statement was released in which the board of directors of that corporation rejected the offer made by the owner of GNB Sudameris.
(We recommend reading: Can Gilinski be successful? His offer is less than the value of the company).
“The Board of Directors of the Company has met today to analyze and discuss the Offer together with its financial and legal advisers, and has decided, unanimously of its members and with the recommendation of its advisers, to reject the Offer, considering that the The price offered does not reflect adequate parameters of financial reasonableness for a transaction of this nature and, therefore, does not serve the best interests of GPA and its shareholders,” the statement read.
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The proposal made by Gilinski came following the French Casino group announced the possibility of selling the operations of Grupo Éxito: the sixth largest company in sales in the country and the first in its sector, according to the Superintendence of Companies.
(You might be interested in: Sale of Grupo Éxito and Gilinski’s proposal: everything that is known regarding the possible business).
Within the first statement that came to light regarding a possible negotiation, it was specified that the offer was “binding” and that the Gilinski Group would pay in cash the entire amount offered to buy the 95.52% stake in the supermarket chain.
However, “GPA” financial and legal advisors would have decided that the deal had not been due to the value offered.
Likewise, the statement reads that “the process of segregating the businesses of GPA and Éxito is ongoing, as has been announced to the market.
It is worth mentioning that in the event that the offer had been accepted by the Casino Group and by GPA, the process required the final authorization of the Financial Superintendence and the Colombian Stock Exchange, which would guarantee free competition in the country.
JUAN PABLO CONTRERAS RIVERS
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