Chile’s Copefrut receives takeover bid
Inversiones Frutícolas SA, a holding company controlled by Chile’s Soler Ruiz family, has made a public stock offering to take 100% ownership of Chilean exporter Copefrut, a company listed on the Santiago stock exchange.
The takeover bid values the exporter at some US $78 million. The holding group is offering US $1,198.80 per share, according to a statement to the country’s securities regulator SVS.
The bid was also announced in a full-page ad in Chilean newspaper La Tercera.
Inversiones Frutícolas SA currently holds an indirect 53% share of Copefrut through a shareholder pact. The holding company comprises Frutícola José Soler S.A., "Solfrut" (72.2% share in Inversiones Frutícolas SA), Inversiones Paso Ancho Ltda. (18.55% share) and Agrícola Ana María S.A. (9.25% share).
According to the statement the offer is valid through December 29 and looks to delist Copefrut from the Santiago exchange as a result.
The holding company wants to restructure the exporter, sell select farming lands in Chile and Uruguay and reorganize its assets, the statement said.