Alimentos Marinos SA entered into an agreement to make a public tender offer to acquire Invermar S.A. from Invertec Ltda. and other shareholders for $21 million.

Alimentos Marinos SA made a public tender offer to acquire Invermar S.A. (SNSE:INVERMAR) from Invertec Ltda. and other shareholders for $21 million in cash on January 30, 2015. sellers also include Montanari family.

Alimentos Marinos will acquire the shares using its own resources. The offer will run for 30 days, from February 18, 2015 to march 19, 2015 and will be priced at $0.07 per share. The completion of offer is subject to acceptance from shareholders holding at least two-thirds (192.5 million shares) of Invermar's issued share capital and approval by creditors to agree to cap Invermar's total bank debt at $69.7 million.

Banchile Corredores de Bolsa acted as offer administrator in the deal. As of March 31, 2015, Invermar S.A. Eexecutives Mario Montanari, Alberto Montanari, Marisol Montanari and Steffano Montanari have stepped down and will be replaced by Roberto Izquierdo, Vicente Izquierdo, Paul Weber and Fernando Izquierdo. Landmark Capital S.A. acted as financial advisor for Invermar and Montanari family.