Shearman And Sterling

News November 07, 2022

Edificio Del Noroeste Announces Cash Tender Offer for Industrias Bachoco

Shearman & Sterling advised Edificio Del Noroeste as they announced the final results of their cash tender offer for Industrias Bachoco.

Through the U.S. Offer, Edificio Del Noroeste accepted for payment a total of 1,456,768 ADSs, representing in the aggregate approximately 51.61% of the company’s outstanding ADSs, for a combined aggregate consideration of MXN $1,427,516,098.56 (approximately $73.3 million), excluding fees and expenses relating to the U.S. Offer. These amounts include 261,267 ADSs tendered via notice of guaranteed delivery and not yet delivered as of the date of the announcement.

Industrias Bachoco owns and manages more than 1,000 facilities, organized in nine production complexes and more than 80 distribution centers in Mexico, and one production complex in the United States and operates primarily in the poultry industry in Mexico and the United States. The Company is a leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company entered the U.S. poultry industry through its acquisition of OK Foods. In Mexico, the Company’s core business is poultry, but it also produces and sells a wide range of other products, including, among others, balanced feed, pet food, pork, beef and turkey value-added products.  In the United States, the Company produces and distributes chicken products only.

The Shearman & Sterling team below was supported by associate Camila de Lasa (NY – PDF).

The Team