In a statement to the Bolsa Mexicana de Valores (BMV), Lala said a group of shareholders were planning to pay as much as 20% more than recent prices for “up to all the outstanding shares owned by public investors”.

The company said the holding “represents approximately a fourth of the outstanding shares” in the business.

Lala said this offering will be subject to obtaining the appropriate corporate, regulatory, and third-party authorisations that apply, including the approval of the Comisión Nacional Bancaria y de Valores (CNBV).

If the necessary number of shares are acquired, the buyers intend to request cancellation of the shares on the Registro Nacional de Valores (RNV) and a delisting from the BMV.

In 2013, when Lala listed, its shares were MXN29.25. On Friday, when the shareholders’ plan was announced, the company’s share price stood at MXN14.62.

The company raised around US$940m when it went public. Since then it has had three CEOs and in December Lala announced it was exiting Costa Rica to focus on “core markets”.

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Lala operates 29 production plants and 173 distribution centres in Mexico, Brazil, the US and Central America. It has more than 40,000 employees. Among the milk, yogurt and butter producer’s brands are Lala, Nutri and Vigor.