Span’s SOS Corporacion Alimentaria has hit out at rival food group Rumasa’s bid for a 30% stake in the company.
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SOS, the owner of Bertolli and Carbonell olive oils, argued that such a proposal is a matter for its shareholders rather than its board.
Under its offer, Rumasa hopes to snap up as much as 29% of SOS for EUR1.5 a share, below the company’s share price of EUR2.72 at 09:30 GMT today (8 January).
Rumasa plans to pay for the deal over the next ten years and the bid hinges on the company taking control of eight of SOS’s 15 board positions.
SOS said the bid could damage its credibility. “This bid lacks seriousness,” an SOS spokesman told just-food yesterday.
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By GlobalDataSpanish stock market regulator CNMV is said to be in talks with Rumasa over its “mishandling” of the proposal. The company failed to provide guidance on the bids status at the end of December, leaving the market to speculate that the deal has been abandoned.
Heavily indebted SOS is preparing to start an auction to sell its rice business to raise much-needed cash, the spokesperson added. The process has attracted the attention of Ebro Puleva, Rumasa and other European bidders.
