Garovaglio y Zorraquín’s Tender Offer

Nicholson y Cano Abogados acted as legal counsel to the Offeror, Federico Zorraquin, and the Offering Agent, Capital Markets Argentina S.A.

Garovaglio y Zorraquin launched its voluntary tender offer of shares, authorized by the National Securities Commission (Comisión Nacional de Valores), in which 25 pesos per share is offered. The proposal intends to acquire the more than 22 million shares held by investors, which represent 50% of the total company’s shares.

This proposal was authorized on July 15 by the Comisión Nacional de Valores (CNV), and will remain in effect until 3:00 p.m. on August 24, unless the Offeror decides to extend such term, to the extent permitted by the applicable legislation.
With this transaction, one of the few share purchases in the capital market carried out this year, the Offeror and majority shareholder of Garovaglio y Zorraquín seeks to acquire all the 22,043,991 shares held by investors, which represent 50% of the total, and thus remove its listing from the Buenos Aires Stock Exchange. 

Garovaglio y Zorraquín, owner of the Rheem thermo tank factory in the country, is an Argentine-based firm engaged, together with its subsidiaries, in the operation of commercial transactions, as well as in the real estate, financial, agricultural, petrochemical and construction sectors, among others. 

Marcelo Villegas (Picture), partner of Nicholson y Cano specialized in corporate finance, acted as legal counsel of the Offeror, with Gonzalo Rivas Orozco and Dario Pesina. Eugenio Bruno, Capital Markets, advised the Offering Agent.

Involved fees earner: Eugenio Bruno – Nicholson & Cano Abogados; Dario Pesina – Nicholson & Cano Abogados; Gonzalo Rivas Orozco – Nicholson & Cano Abogados; Marcelo Villegas – Nicholson & Cano Abogados;

Law Firms: Nicholson & Cano Abogados;

Clients: Capital Markets Argentina; Federico Zorraquin;