MEXICO CITY, March 18 (Reuters) - Mexican bottler Arca Continental said on Tuesday it will pay $5.55 a share in its purchase of Ecuador’s Tonicorp dairy company in a deal worth around $400 million.
Arca said that its local subsidiary Arca Ecuador would purchase 87.37 percent of Tonicorp shares in the hands of controlling shareholders, and that it would launch a public offering to acquire those belonging to minority shareholders.
Arca announced last August that it had come to an agreement to buy the majority stake of Tonicorp without giving details on the size of the deal. The acquisition is subject to regulatory approval, Arca said.
Arca shares were up 0.81 percent at 75.07 pesos ($5.69) per share in early trading.