Mexico’s Bachoco Set on $650 Million Buyout as Investors Fume

The controlling family behind Mexican poultry producer Industrias Bachoco SA is set to launch a tender offer for the outstanding shares next week, even as minority shareholders made a last-minute plea for the company to reconsider.

Edificio del Noroeste, a company controlled by the Robinson Bours family and that owns 73% of Bachoco, will offer 81.66 pesos per share from Monday Aug. 22 through Oct. 5, according to a filing at the Mexican stock exchange last week. The buyout will add up to as much as $13 billion pesos ($647 million), the filing said.

When the offer was disclosed in ...