An offer by Abu Dhabi’s International Holding Company (IHC) for shares in Colombian food producer Nutresa was declared void after it failed to receive the minimum number of shares, Colombia’s stock exchange said in a statement.
“IHC has a mandate to expand globally, and as part of our efforts we spotted an opportunity with Grupo Nutresa. We made a bid and the experience we learnt from this process, despite not reaching the level we wanted, has been positive. South America offers an excellent mix of socio-economic factors and IHC will carry on looking for deals across that region,” said Ahmad Ibrahim, IHC’s Head of Marketing and Corporate Communication.
IHC’s offer attracted sales of 7.71 per cent of Nutresa, the stock exchange said. The Abu Dhabi-based fund had sought to buy between 25 per cent and 31.25 per cent of Nutresa in the offer for $15 a share.
“The Colombian stock exchange can inform the market that the public acquisition offer for common shares of Grupo Nutresa S.A., addressed to its shareholders, has been declared void,” it said in an official statement.
This was the fourth offer for Nutresa shares, and the second time that a takeover bid in the company was declared void.