Reported 1 day ago
Mexican billionaire Ricardo Salinas Pliego has decided to take Grupo Elektra private following a significant share price decline and a lengthy trading halt. Shareholders voted to delist the appliance retailer and bank, with Salinas, who owns nearly 80% of the company, aiming to reorganize its assets for better value. The announcement caused a brief spike in share prices, but concerns linger following a legal dispute that previously affected trading. Elektra, which has expanded from radio supplies to a major retail and banking entity, is expected to buy back shares as part of the tender offer process.
Source: YAHOO