Portafolio Reports: “A New Public Tender Offer for Shares in Mineros S.A. Has Been Launched”

According to Sun Valley Investments, the purchase was agreed at a price of COP $5,500 per common share, equivalent to CAD $1.79 as of June 13, 2025.

The foreign firm Sun Valley Investments AG announced the launch of a new Public Tender Offer (PTO) to acquire shares of Mineros S.A. The offer was executed through the facilities of the Colombian Stock Exchange (BVC) at a price of COP $5,500 per common share, approximately CAD $1.79 as of June 13, 2025, the last business day prior to the commencement of the PTO. The purchase price will be paid in cash.

According to the company, this offer is directed to all shareholders of the issuer. Additionally, it stated that a minimum of 23,978,993 common shares of the issuer may be acquired, which, based on publicly available information from the National Registry of Securities and Issuers (RNVE) as of May 27, 2025, represents 8% of the subscribed, paid, and outstanding common shares of the issuer. The maximum number to be acquired is 32,971,115 common shares, representing 11% of the subscribed, paid, and outstanding common shares of the issuer.

“If the number of acceptances of the Offer exceeds the maximum number of shares indicated in this Offer Notice, the Offeror may, through BTG Pactual S.A. Stock Brokerage Firm, modify the maximum number offered only in accordance with the BVC Regulations,” the company highlighted.

This same condition will apply if the number of acceptances falls below the minimum number of shares indicated in this Offer Notice.

Furthermore, it noted that the issuer’s voting share capital consists of 172,122,705 ordinary shares, representing 57.42% of the issuer’s subscribed, paid, and outstanding ordinary shares.

“Sun Valley is relying on the foreign public tender offer exemption set forth in Section 4.4 of National Instrument 62-104 – Take-Over Bids and Issuer Bids in connection with the Offer,” it stated.

How many shares of Mineros did Sun Valley already own?

So far in 2025, Sun Valley has launched three Public Tender Offers, including the current one. Prior to this PTO, Sun Valley owned and exercised control over 172,122,705 ordinary shares, representing 57.42% of the issued and outstanding ordinary shares, valued at CAD $437,191,670.70 based on the closing price of Mineros shares on the Toronto Stock Exchange (“TSX”) on the Reference Date.

“Assuming the PTO is successfully completed, Sun Valley will acquire ownership and control of a minimum of 23,978,993 Ordinary Shares, representing approximately 8% of the issued and outstanding Ordinary Shares, and a maximum of 32,971,115 Ordinary Shares, representing approximately 11% of the issued and outstanding Ordinary Shares, pursuant to the PTO, unless the PTO is modified under the terms described in the Offer Booklet,” it added.

According to the company, if the PTO is consummated, Sun Valley will own and exercise control over a minimum of 196,101,698 Ordinary Shares and a maximum of 205,093,820 Ordinary Shares, representing approximately 65.42% and 68.42%, respectively, of the issued and outstanding Ordinary Shares. These holdings would be valued at CAD $498,098,312.92 and CAD $520,938,302.80, respectively, based on the last closing price of Mineros shares on the TSX.

“Sun Valley will retain its Ordinary Shares for investment purposes and will continuously evaluate its investment in Mineros. It may increase or decrease its holdings in Mineros and otherwise engage with the Company in the future, subject to market conditions and other relevant factors,” the company concluded.

Read the original article in Portafolio published on June 16, 2025: Click here.