Juan Carlos Mora, president of Bancolombia, told the newspaper La República that this change in the statutes is due to the need to modernize the code of good governance. “We seek with the reform of statutes equitable treatment when there is a sale of shares and that the price can be equalized so that no one is left in conditions that generate detriment.”
When asked if this movement highlights a possible takeover bid for Bancolombia, he commented that the reform “would apply in that case and what is given to the shareholder is an option to match prices.”
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In literal b of the reform proposal, it mentions a scenario in which a beneficiary acquires shares through a takeover bid and subsequently acquires, in one or more operations, during a period of 12 months from the award of the initial takeover bid, an additional stake that increases its percentage of common shares by 5% or more.
And then it stipulates that that beneficiary “will be obliged to pay to each seller who sold his common shares of the bank during equalization period two, a sum equal to the difference between, (x) the highest price per common share paid by the beneficial owner during Equalization Period Two and, (and) the price per common share of the Bank paid to the Seller (the “Equalization Value Two”).”
The OPA is mentioned as the situation that gives rise to the reform proposal. Based on this, La República asked the president of Bancolombia if it was an advance coverage and he answered that “we are not thinking about any particular issue, it is not an anticipation, it is a modernization process that incorporates best global practices, such as We said it in the assembly, they are practices that exist in more developed markets and we introduce them in Colombia.”
When asked if the arrival of a takeover bid was being observed, he pointed out that “Every company listed on the public markets is subject to these conditions, so this is part of the rules of the game that we subscribe to.”
In response to this, Juan Pablo Vieira, CEO and founder of JP Tactical Trading, explained that “what they are looking for is protection against maintaining the offered price in the event of a purchase of ordinary shares by someone who launches a takeover bid and who has to respect the same price for 12 months for all purchases made.”
New member on the Board
Ricardo Jaramillo, president of Grupo Sura, He joined the Board of Directors of Bancolombia today to replace Gonzalo Pérez, of whom he was also successor as president of the financial holding company.
Regarding the entry of this new member to the highest corporate body, Mora stated that “Ricardo worked at Bancolombia for more than 15 years, he worked with me directly and I consider him to belong to this house. He left Bancolombia for Sura as financial vice president and now that he becomes president of Grupo Sura he is proud. But also that he joins the Board of Directors, for me personally, it is wonderful because he has many conditions. The first is that he is a great person and he has all the professional skills.”
The collegiate body was made up of Sylvia Escovar, Arturo Condo, Silvina Vatnick, Juan David Escobar and Ricardo Jaramillo.
