Bachoco Takes One More Step to Leave the BMV: Begins Takeover Bid

The Robinson Bours family initiates a tender offer for Bachoco shares at 81.66 pesos per unit, despite opposition from minority shareholders.
An independent study supports the proposed price of 81.66 pesos per share as fair from a financial point of view.

Each Bachoco share will be priced at 81.66 pesos. Photo: Bachoco.

10/07/2022

The Robinson Bours family, the owner of the poultry company Bachoco, has informed the Board of Directors about the initiation of a voluntary public tender offer to acquire all the outstanding shares of the company's capital stock traded in the stock market, at an initial price of 81.66 pesos per unit. In a statement sent to the Mexican Stock Exchange (BMV), this includes the shares represented by American Depositary Receipts (ADRs) that are not owned, directly or indirectly, by the Robinson Bours family or their affiliates, amounting to approximately 27% of the shares.

The company has detailed that the shares will be priced at 81.66 pesos per share, a value that the minority shareholders of the egg and poultry producer consider to be below its actual worth. Furthermore, Bachoco expects the offer to expire on November 4, 2022, unless extended as described in the disclosed offer documents.

Despite the dissatisfaction of the minority shareholders of the poultry company and their intention to improve the share price of the offer, an independent study conducted by FTI Consulting in September last year stated that the price of 81.66 pesos per share is fair from a financial perspective.

Read the full article (in Spanish). Link

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