Grupo Empresas Navieras S.A. (SNSE: NAVIERA) made a tender offer to acquire remaining 25.5% stake in Compañía Marítima Chilena S.A. (SNSE: INTEROCEAN) for CLP 11.7 billion on May 15, 2017. Grupo Empresas Navieras will acquire the remaining 233.3 million shares in Compañía Marítima Chilena at a price of CLP 50 per share. In a related transaction, Grupo Empresas Navieras S.A. (SNSE:NAVIERA) made a tender offer to acquire remaining 30.2% stake in Agencias Universales S.A. (SNSE:AGUNSA) for CLP 29.7 billion on May 15, 2017.

The offer would be considered successful, independently, if it exceeds 90% of the ownership in each of Compania Maritima Chilena and Agencias Universales. The effectiveness of the offer is conditional on the acquisition of a minimum of 141.9 million shares. The Board of Grupo Empresas Navieras agreed unanimously to make two tender offers.

The offer period starts on May 23, 2017 and ends on June 21, 2017. The Board of Grupo Empresas Navieras S.A. resolved to declare the tender offer successful, for which the transaction will be announced as closed on June 24, 2017.