Billionaire Gilinski Raises Bid for Colombian Retailer Exito (2)

Billionaire banker Jaime Gilinski ramped up his bid to take control of Colombian grocery store chain Almacenes Exito, according to a draft letter seen by Bloomberg and later confirmed in a regulatory filing.

Gilinski on Tuesday sent the letter to Exito’s largest shareholder, Cia Brasileira de Distribuição, offering $586.5 million in cash for a 51% stake in the retailer, GPA said. It represents a per-share premium of more than 30% from the original offer, which was made last month for 96.5% of Exito and rejected by GPA’s board.

Shares of GPA jumped following the news to closing 4.8% ...