Mexican appliance company Mabe has made a bid for Costa Rica's appliance company Atlas Eléctrica. The bid seeks to purchase all of Atlas Eléctrica's common and preferred shares for a total of US$72 million.
Mabe operates 15 manufacturing plants and company exports to the United States through a partnership with GE, which is a partial shareholder.
Atlas Eléctrica is a Costa Rican company founded in 1961. It manufactures and sells kitchen appliances in all of Central America and the Dominican Republic under its Atlas and Centron brands. Its goods are manufactured at a plant in Costa Rica and altogether the company employs 1300 people.
The bid must be approved by investors holding at least 98% of the company's stock. Though Atlas Eléctrica did not solicit competing bids, the company will consider unsolicited competing bids, according to a statement.
Shareholders will vote on the proposed buyout in a meeting Oct. 30. (Ticotimes.net)