In December, Colombia’s financial supervisory authority gave the green light to Duratex’s acquisition of an additional 15% of Tablemac’s share capital, over and above its existing 37% stake. Through a tender offer of COP (Colombian peso) $8.60 per share, Sao Paulo-based Duratex is due to complete the deal worth around US$28.3m by 20 January 2014.
The Brazilian group’s purchase offer, made through its subsidiary Duratex Europe NV, was due to be put to all Tablemac’s shareholders from 19 December 2013.
Sao Paulo-based Duratex has steadily strengthened its hold on Tablemac, its first panel business acquisition outside Brazil, since it secured a 25% stake back in May 2012.
Tablemac, which runs Colombia’s first MDF line, reported overall sales up by nearly 50% for the first half of 2013 at US$47.5m with domestic sales increasing by over 40%. Its exports rose by 167% from a low base.
