BOGOTA, Nov 18 (Reuters) - An offer by Abu Dhabi's International Holding Company (IHC) for shares in Colombian food producer Nutresa hung in the balance on Friday after shareholders Grupo Argos and Grupo SURA said they would not participate.

IHC wants to buy between 25% and 31.25% of Nutresa in the offer, which is due to end on Friday, for $15 a share.

The offer follows three others for Nutresa over the past year by Grupo Gilinski, the last of which was declared void.

Gilinski now owns some 31.09% of Nutresa, Refinitiv data shows and market sources say Gilinski, which is a partner of IHC's parent company Royal Group, is behind the IHC offer.

SURA is Nutresa's largest shareholder, with 35.2% of shares, while Argos is its third, with 9.95%, Refinitiv data shows.

Reuters was not immediately able to obtain comments from Gilinski, SURA, IHC or Nutresa on the situation.

Argos said in a statement late on Thursday to Colombia's financial regulator that it had decided not to participate in the public acquisition offer for Nutresa after taking into account technical, strategic and legal analyses.

SURA said that because of a legal demand brought by a minority shareholder over two of its board members who resigned last week, taking part would be risky.

The companies regulator ordered two SURA board members to abstain from participating in decisions related to the IHC offer and they subsequently resigned.

Argos, SURA and Nutresa are part of Colombia's largest conglomerate Grupo Empresarial Antioqueno (GEA). (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Alexander Smith)