Chilean supermarket retailer Santa Isabel last week defended itself against a US lawsuit alleging that board members asked for too low a price during a public bid by Dutch retailing giant Ahold for all Santa Isabel’s outstanding shares.
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Jorge Guerrero, president of the Santiago-based firm, said in a press release that there was no wrongdoing, and that board members had no say in the price of the shares.
In response to suggestions that the board is bowing to Ahold to the detriment of shareholders, he said: “It is false to declare that the board of the company is under control or dominated by the controlling shareholder beyond its votes at the time it was elected.”
Ahold said that it had to make a full bid for the grocer in late August because it already owned 66% of the shares, the cut off point in Chilean regulations.
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