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PERU: Bavaria set to make offer for Backus shares

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The Colombian brewing force, Bavaria, has announced that it is planning to launch an offer for common shares in the Peruvian brewer, Backus & Johnston (Backus) on March 20 at $27.00 per share. Backus shares closed Tuesday at $16.

In a submission to the Lima Stock Exchange, Bavaria said the offer would be open for 40 days from its official launch. "The price will be $27.00, which will be paid in the following way: $13.50 in cash and $13.50 in the form of a non-negotiable promissary note issued by Bavaria," the brewer said. Bavaria added that the offer would include "all of the shares, except for those shareholders who express their unwillingness to sell prior to the offer's expiration date."

Following its acquisition of the Backus shares owned by the Venezuelan brewer, Polar, Bavaria now 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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