Industrias Bachoco, a company dedicated to the production of animal protein, announced its intention to follow the path of other companies, such as Lala and BioPappel, which have chosen to withdraw their shares from the national stock market.
The company reported in a statement sent to the Mexican Stock Exchange (BMV) that the Robinson Bours Family informed the Board of Directors of its intention to initiate the process to carry out a voluntary takeover bid for up to all of the representative shares. of Bachoco’s capital stock, including shares represented by American Depositary Receipts ADRs, owned by the investing public.
“At the conclusion of the offer, the offeror intends to promote the processes to request the delisting of the shares representing Bachoco’s capital stock in the various stock markets where its shares are registered, including the New York Stock Exchange and the Stock Exchange. Mexicana de Valores”, explains the document.
According to the information, the company projects that the offer will be carried out concurrently in Mexico and the United States of America, at an estimated purchase price of 81.66 pesos per share. This price reflects a premium of 20% with respect to the average listing value of the shares representing Bachoco’s capital stock on the BMV, for the last 30 days of listing.
The offer would be subject to various requirements, including registration with the National Banking and Securities Commission, the US Securities and Exchange Commission and authorization from the Bachoco Board of Directors.
In the coming days, the Robinson Bours Family will present the documents that will describe the terms and conditions of the voluntary public offering before the corresponding securities authorities. Meanwhile, it will be the Board of Directors that will decide on the start of the offer so that its members can then decide on the price within 10 business days after the start of the offer.
Since last year, other companies such as Lala and Bio Pappel have embarked on an exodus and have stopped trading on the stock market, without this meaning that they completely abandon the Mexican Stock Exchange (BMV), since they still have the possibility of issuing debt in order to continue capitalizing.
Bachoco, meanwhile, during the last year has faced the attacks of the rises in raw materials; however, the sale of more poultry products, as well as an increase in their prices, led Bachoco to record a positive 2021, despite the fact that the last quarter had negative results.
In 2021, Bachoco’s revenues increased 18.8% to 81,699 million pesos and net income rose 24.5% to 4,945 million pesos. However, in the fourth quarter, sales were up 16%, but EBITDA fell 64% to 882 million pesos and profits fell 38.4% to 610.2 million pesos.