Colombia’s Nutresa shares down more than 28% after failed public offer

Shares in Nutresa (NCH.CN), Colombia’s largest food producer, closed 28.6% lower on Monday following a failed public offer for a large portion of shares in the company.

Nutresa shares closed at 38,990 pesos in comparison to a close of 54,600 per share on Friday.

An offer for Nutresa shares by Abu Dhabi’s International Holding Company (IHC) was declared void after it failed to receive the minimum number of shares.

IHC’s offer attracted sales of 7.71% of Nutresa, though the fund had sought to buy between 25% and 31.25% for $15 a share (74,376 pesos).

Nutresa’s fall helped send Colombia index MSCI COLCAP (.COLCAP) down 3.84% to 1,233.44 points.

Shares in Grupo SURA (SIS.CN), Nutresa’s biggest shareholder, were down 1.22% to 40,500 pesos per share.

Neither SURA nor other major shareholder Grupo Argos (ARG.CN) participated in the offer.