Mexico's Grupo Sanborns finds Carso offer price 'reasonable'

Mexican retail department store operator Grupo Sanborns (GSANBORB1.MX) said on Monday its board found that Grupo Carso's GCARSO/A1 offer of 26 pesos ($1.32) apiece for the shares of Sanborns it does not already own is "reasonable."

Purchase of the shares will allow Carso, controlled by the family of billionaire Carlos Slim, to take Sanborns private. Slim and at least six family members are on the Sanborns board, according to the company's website.

However, the move to take Sanborns private was not ruled a conflict of interest, "since it does not benefit or favor a specific group of shareholders," Sanborns said in a filing to Mexico's main stock exchange.

The purchase is in line with Carso's interests, a spokesman told Reuters in July .

Around 7% of shares in Sanborns are outstanding, and less than 1% are in the hands of third parties, according to data from Refinitiv Eikon. Shares in Sanborns closed at 25.50 pesos on Monday and are down more than 10% this year.

($1 = 19.7272 Mexican pesos)