Mexican cereal maker Maizoro has said that a unit of PepsiCo and two other companies have offered to buy the 33.7 million Maizoro shares they do not already own.

In a filing with the Mexican Stock Exchange, Maizoro said the companies have offered to pay 6.75 pesos (US$0.63) per share for around 71% of Maizoro’s capital, reported Dow Jones International News.

Gamesa, a Mexican snack food brand owned by US drinks and snack company PepsiCo, purchased 11.6 million shares in Maizoro in February for around US$4m.

Maizoro makes Quaker products, which are part of PepsiCo’s food portfolio, as well as some products for PepsiCo’s Sabritas brand in Mexico.

The other two companies partaking in the offer are Camula and Tanifer, which already hold around 2 million Maizoro shares.