Navarino S.A. (SNSE:NAVARINO) and Inmobiliaria Villarrica Ltda. made an offer to acquire additional 28.28% stake in Maritima de Inversiones S.A. (SNSE:MARINSA) for CLP 25.7 billion in cash on April 28, 2016. Navarino S.A. and Inmobiliaria Villarrica will offer CLP 32 per share for 656.39 million shares and 146.39 million shares respectively. Navarino S.A. and Inmobiliaria Villarrica will finance this tender offer through Banco Santander-Chile through credit lines. The offer has duration of 30 straight days, from April 29, 2016 to May 28, 2016. The offer period has been extended until June 2, 2016. If the amount of shares that the shareholders tender in this offer is less or equal to 656.39 million shares, Villarica will not acquire any share. As of May 28, 2016, the offer price was increased to CLP 36.5 per share, thereby, increasing the total consideration to CLP 29.3 billion. As of May 28, 2016, the offer price was increased to CLP 36.5 per share, thereby, increasing the total consideration to CLP 29.3 billion. As of June 5, 2016, Navarino S.A. (SNSE:NAVARINO) received the approval for the acquisition of 656,386,600 shares and Inmobiliaria Villarrica Ltda. received the approval for the acquisition of 163,132,409 shares. After completion, Navarino S.A. (SNSE:NAVARINO) and Inmobiliaria Villarrica Ltda. will own 95.88% stake in Maritima de Inversiones S.A.

Navarino S.A. (SNSE:NAVARINO) and Inmobiliaria Villarrica Ltda. completed the acquisition of 24.16% stake in Maritima de Inversiones S.A. (SNSE:MARINSA) on June 2, 2016.