Billionaire Salinas’ Elektra Calls Holders to Take Company Private
- Company warns regulators, exchange to maintain trading halt
- Stock faced tumble after it was ejected from key index
A Grupo Elektra has started the process to go private.
Photographer: Alejandro Cegarra/BloombergThis article is for subscribers only.
Mexican retailer Grupo Elektra, owned by billionaire Ricardo Salinas Pliego, kicked off a process to take the company private amid a tug of war with regulators over a prolonged trading halt in the stock.
The company has called a shareholder meeting for Dec. 27 to vote to delist shares, according to a statement Wednesday. “The market does not maximize the value of the entity,” Elektra said in the filing, noting that over 95% of shareholders have expressed interest in the company going private.