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MEXICO – Shares of Rassini on the Mexican Stock Exchange climbed 16% Thursday after announcing yesterday that a public takeover bid had been launched on all of its shares, which could lead to a delisting.
On Wednesday, the manufacturer of suspension components and car brakes announced that the GGI INV SPV provider would pay up to $ 2.08 per share and up to $ 4.16 per CPO. The total amount of the offer thus amounted to $ 666 million.
The offer period is 21 working days, from November 1 to December 3, 2018, it being understood that this term may be extended.
Lee: Auto parts gain attractiveness in Mexico thanks to new trade agreement .
Alik Garcia, industry analyst Intercam Casa de Bolsa, told Reuters that Rassini's shares had been wrongly sanctioned in the market because of uncertainties related to the renegotiation of NAFTA.
"The price (shares) did not follow the fundamentals of the company," said Garcia, who felt that the valuation of the offer was attractive to investors and recommended a stake.
The shares of the Series A company closed up 16.08% to 39.75 pesos, while the shares of the CPO series rose 15.88% to 79.14 pesos per paper.
Rassini is the largest producer of suspension components for light commercial vehicles and the largest producer of vertically integrated disc brakes in America. It has eight factories strategically located in Mexico, the United States and Brazil, according to institutional information. .
Lee: Mexico's auto parts production will increase with the USMCA
With Reuters information
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