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 hours ago a statement was released in which the board of directors of that corporation rejected the offer made by the owner of GNB Sudameris.
“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.
The proposal made by Gilinski came after 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.
Within the first statement that came to light about 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”‘s financial and legal advisors would have decided that the deal would not have been due to the value offered.
Likewise, the statement reads that “the process of segregating the businesses of GPA and Éxito is still ongoing, as has been announced to the market.
