Bogotá — Swedish multinational hygiene product and health company Essity has launched a takeover bid in Colombia for the remaining 4.1% of the stock of Grupo Familia it does not already own, with trading of the latter’s shares suspended, according to Colombia’s stock market watchdog Superintendencia Financiera.
The takeover bid would give Essity whole ownership of Grupo Familia in Colombia, where the hygiene products company was founded in the 1950s, and which currently also operates in Argentina, Bolivia, Chile, Dominican Republic, Ecuador, Peru and Puerto Rico, and exports its products to 16 countries.
Essity already owns a 95.8% stake in the company, after acquiring a 45.8 % stake in August of Productos Familia in a deal valued at $1.54 billion.
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At the time, Grupo Familia said it had achieved a 2.8% increase in sales in 2020, totaling more than $757 million, with adjusted EBITDA of $155 million.
Grupo Familia reported revenues of 822.65 billion Colombian pesos ($202.3 million) in the third quarter of this year, “amid an environment of economic recovery and global logistical challenges, with growth of 17.9% against the same period of 2020″, the company said.
“Despite having experienced a year of multiple challenges, Grupo Familia once again tested our agility, the talent of our employees and the great value of permanently connecting with all our stakeholders so the company’s purpose remains valid,” Grupo Familia’s president Andrés Felipe Gómez Salazar said.
The sale price per share will be $1.36, according to Superintendencia Financiera.
The takeover bid aims to acquire at least one common share of the issuer, representing 0.00000009% of the subscribed, paid and outstanding capital of the issuer, and a maximum 46,621.5 ordinary shares, representing 4.19% of the capital.
Among Grupo Familia’s minority shareholders are Soluciones Cádiz, with 1.3%; Inversiones Camm and Inversiones Revlis, each with an 0.8% stake, and Fami Arbeláez, with 0.2%, among others.