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The CNBV exempts shareholders from the obligation to make a mandatory tender offer to acquire shares of Vitro, S.A.B. de C.V.

Post Time:Nov 12,2013Classify:Industry NewsView:82

Vitro reports that yesterday the Comisión Nacional Bancaria y de Valores (CNBV) informed about the authorization granted to the group conformed – according to the shareholders′ agreement signed on December 15, 2009 – by Adrián Sada González, Esther Cueva de Sada, Adrián Sada Cueva, Alejandra Sada González, Fintech Investments Limited and Fintech Advisory Limited (“Fintech”), to exempt them from the obligation to make a mandatory tender offer to acquire shares of Vitro, S.A.B. de C.V’s capital stock.The above is based on Article 102 of the Mexican Securities Law (Ley del Mercado de Valores) and in response to the request filled on July 11, 2013 under the agreement that in order to complete its financial restructuring, the Company signed last March with Fintech, by which it was agreed that Fintech or its affiliates will capitalize the subsidiary FIC Regiomontano, S.A.P.I. de C.V., which subsequently would be merged into Vitro, S.A.B. de C.V., both operations approved by the Board of Directors of Vitro and its Audit and Corporate Practices Committees.In this regard, Claudio Del Valle, Chief Financial Officer of Vitro, commented: "The response from the CNBV allows for the merger of FIC into Vitro to proceed in the benefit of the Company, giving it the needed flexibility to continue its operations. This process is completely transparent to shareholders since within the merger, FIC shares will be exchanged for Vitro shares of equivalent value." 23.08.2013, Vitro S.A.B. de C.V.

Source: http://www.glassglobal.com/news/the_cnbv_exempts_shareholders_from_the_obligation_to_make_a_mandatory_tender_offer_to_acquire_shares_of_vitro_sab_de_cv-22802.htmlAuthor:

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