(Bloomberg) -- Jaime Gilinski's offer to buy a controlling stake in Grupo Nutresa SA was extended by a month as the billionaire looks to boost his chances of the deal going through.
Shares in Nutresa, Colombia's largest foodmaker, can now be tendered until Jan. 12 at 1 p.m., according to an offer published Tuesday in El Tiempo newspaper. The offer had been set to expire on Dec. 17.
Gilinski, 64, has offered to buy a minimum of 50.1% and a maximum of 62.6% in Nutresa at $7.71 per share. Up to Monday, 2.96 million shares have been tendered, or 1.03% of the as much as 286.8 million shares Gilinski has offered to buy, according to the stock exchange. A representative for Gilinski declined to comment.
The banking magnate, whose net wealth of $4.3 billion makes him one of Colombia's richest people, has also offered to buy a significant stake in financial conglomerate Grupo de Inversiones Suramericana SA. That offer, for as much as 31.68% of Sura, has yet to be approved by Colombia's financial regulator.
Read More: Gilinski Strikes Again in Bid to Upend Colombia Financial Market
Nutresa and Sura, along with Grupo Argos SA, are part of Grupo Empresarial Antioqueno, or GEA, an association of Medellin-based companies that relies on a system of cross-investments to protect them from the very type of takeover offers that Gilinski is making. Gilinski hasn't ruled out making a third offer, for Argos, according to a person with direct knowledge of the strategy.
Argos -- which has holdings in cement, energy and infrastructure -- and Sura have a combined 45.3% stake in Nutresa. Both conglomerates have rejected the offers, with Sura saying in a filing Monday that it “significantly” undervalues Nutresa.
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