Venezuelan brewer bids for Mavesa

Venezuela's Grupo Polar, the brewing company privately held by the Mendoza family, on Monday offered to buy Mavesa, a local food and consumer productsmanufacturer, in a deal worth as much as $525m. Polar said it would offer $8.50 for each of Mavesa's American Depositary Receipts, or 99 bolivars for each local share, a 17 per cent premium over its closing share price last Friday. Each ADR represents 60 Mavesa shares. Mavesa's shares had already gained more than 50 per cent during the previous month, on speculation the company would be the target of a takeover offer. Alberto Tovar, Mavesa chief executive, said the company's board would recommend its shareholders accept Polar's offer, although the terms of the agreement did not impede competing offers. The dealwill be subject to regulatory approval by Venezuela's competition regulator, Procompetencia. Source: Financial Times