Interfin tender offer acceptance period to start
Bnamericas Published: Tuesday, July 25, 2006
The acceptance period for the tender offer of Costa Rican holding company Corporación Interfin will start on July 26, an official from local securities regulator Sugeval told BNamericas. No official documents have yet been posted on Sugeval's website. At end-June, Panama-based BNS Internacional, a subsidiary of Canada's Scotiabank (NYSE: BNS), launched a tender offer for 100% of Corporación Interfin at US$1.66 per share. "From June 27-July 20, potential investors interested in making a tender offer for Interfin were able to register their offers. On July 21, the regulator [Sugeval] formally authorized BNS's offer as the definitive tender offer," the official said. The 15 working day period of the acceptance of the tender offer starts on July 26. "The transaction is expected to be completed by the end of August," the official said. "We all know Scotia wants to buy [100% of] Interfin for US$294mn, but this may never happen as it only has an agreement with [shareholder and CEO Luis] Lieberman and the other two main shareholders, who together control 78% or so of Interfin. The remainder is widely held, so we'll see how the acceptance of the tender offer goes," a broker said. In 1999, Panama-based financial group Grupo Banistmo launched a tender offer for Corporación Banex and a few stockholders decided to not sell their shares, expecting to get a better price, something that never happened. Corporación Interfin is the holding company for Costa Rica's fourth largest bank Banco Interfin, which had an asset market share of 7.4% at end-June this year. Its closest competitors are BAC and Banex, which had 6.1% and 6.0% market share respectively. Scotiabank had 2.8%.
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