Brazil’s GPA again rejects Colombian tycoon’s bid to buy 51% of Exito

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In a securities filing, GPA said the offer does not serve the best interests of the firm and its shareholders, as the price offered falls short of “financial reasonableness for a transaction aiming at a controlling interest.”

The Brazilian retailer also said that the proposal presented by Gilinski does not provide sufficient elements to assure the board of its binding nature or a “reasonable expectation of concluding a transaction.”

Last month, GPA declined Gilinski’s offer to pay $836 million for nearly 97% of Exito.