Although Morixe’s share price has fluctuated over the years, minority shareholders did not accept the takeover bid presented by SCP.
Although Morixe’s share price has fluctuated over the years, minority shareholders did not accept the takeover bid presented by Sociedad Comercial del Plata.
This past Monday the Takeover bid (OPA) launched by Silver Commercial Society to acquire the 22.2% remaining of Morixe Brothers. This operation was completed three months after the group acquired 77.8% from Morixe to Ignacio Noel, former president of the holding company and main shareholder of both companies.
“The period of validity of The Offer was extended from 11:00 a.m. on September 19, 2023 until 4:00 p.m. on October 2, 2023, being that at the close of said period the Offeror has not received any acceptance of the Offer. Consequently, the Offer is declared void,” reads the statement from Silver Commercial Society.
Sociedad Comercial del Plata offered a price of $29.75 for more than 62.71 million Morixe shares, equivalent to 22.2% of its capital and 21.85% of its votes, totaling $1,862 million. This operation was mandatory after they acquired around 77.8% from the company of hands dand Ignacio Noel, main shareholder of both, in June for US$ 18.35 million.
Founded in 1927, Sociedad Comercial del Plata is one of the main holding companies in Argentinawith outstanding financial performance in 2022, billing $91,278.5 million and generating profits of $6,471.44 million. During the first six months of 2023recorded revenues of $56,936.81 million, with a net profit of $7738.34 million. Its presence covers various sectors such as construction, energy, agribusiness, transportation and real estate. Among its investments are the control ofand Morixe BrothersCanteras Cerro Negro, the oil company Dapsa, among others.
Morixe Hermanos, a company with a history since 1901 in the production and marketing of food productss, has expanded beyond the production of wheat flour to include products such as breadcrumbs, cake premixes, frozen pre-fried potatoes, oils, among others.. Currently, it has 50,000 points of sale in Mercosur, more than 20,000 of them in Argentina, and its shares have been listed on the Buenos Aires Stock Exchange since 1961.
Although Morix’s share priceand has fluctuated over the yearsexperiencing meteoric growth during the pandemic due to increased consumption of home-prepared foods, The minority shareholders did not accept the takeover bid presented by Sociedad Comercial del Plata. This operation was seen by some as a formalism, especially because the closing price of Morixe’s share on the day the takeover bid ended was 13.8% lower than the price offered by Comercial del Plata and to which Noel also sold. In this context, The minority shareholders chose not to accept the offer, thus leaving the takeover bid unanswered.
Morixe: the antecedent
““The purchase of Morixe will strengthen SCP’s business portfolio, maintaining the balance between sectors linked to the domestic market (construction, logistics and distribution, fuels) and sectors with income linked to the dollar (gas and oil, agribusiness).”Pablo Arnaude (CEO of Sociedad Comercial del Plata) commented at the time of making the offer.
According to the company, “Morixe’s entry into SCP will generate an increase in consolidated sales of more than US$100 million annually with 25% derived from export businesses“.
“Without a doubt it is a transaction that adds value for SCP and Morixe. It enables SCP to apply part of its surplus liquidity to strengthen its participation in the agroindustrial sector, after the sale of its 40% in Lamb Weston AMSA“added the report.
Source: Ambito
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