PERU: Bavaria delays public offer for Backus
"The start of the purchase operation will take place in about 15 days, once the design of the necessary operating procedures have been concluded," the broker, Continental SAB, said in a letter to the Peruvian securities regulatory agency.
However, the letter confirmed that the bid would be for US$27 a share, paid with US$13.50 in cash and US$13.50 in the form of a non-negotiable promissory note issued by Bavaria.
Bavarian insiders were reported to have said the delay was due to stock market officials and regulatory authorities wanting more time to agree how best to present the offer.
Bavaria originally announced its plans to make a public offer for the Backus shares in a submission to the Lima Stock Exchange in January. Following its acquisition of the Backus shares owned by the Venezuelan brewer, Polar, Bavaria holds a 49.1% stake in the Peruvian brewer, which enjoys a virtual monopoly in the Peruvian beer sector. Under Peruvian regulations, if a company acquires in excess of 25% in a public company, it has to make an open offer.
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