MBO bid for Terminales Maracaibo

Managers at Venezuelan port services company Terminales Maracaibo have launched a management buyout of the company with the apparent approval of its largest shareholder, according to El Universal. An investor group of company managers Miguel Angel Capriles Lopez, Carlos Acosta Lopez and Esteban Pineda Belloso told Venezuela's stock exchange regulator (NVC) that they intend to launch an offer to acquire the company and has signed a letter of intent with a Dutch firm that owns 57% of outstanding Maracaibo shares at a price of 53.19 bolivares per share. This values the company at 20.9bn bolivares (US$13.1mn). NVC suspended trading in Maracaibo shares to prevent minority shareholders selling at less than the offer value. Shares were trading at less than 30 bolivares when they were suspended, which values the company at under US$7.4mn. A company representative told BNamericas that more information about the offer would be made available November 14. Terminales Maracaibo provides maritime, fluvial and port related services.