BOGOTA (Reuters). COLOMBIA’S industrial conglomerate Grupo Argos won’t accept Grupo Gilinski’s offer to acquire 31.68% of Grupo SURA shares, the firm said Thursday in a statement. It claimed that the proposal was too low-valued.

Grupo Empresarial Antioqueno is the Andean’s biggest conglomerate. It includes SURA and Argos.

Over 100 of GEA’s companies have substantial stakes in other companies. This helped the conglomerate to avoid hostile takeovers until recent years.

Argos stated in a Thursday statement that Grupo Gilinski’s $8.01 per SURA share offer price – which would have made the transaction more than $1 billion – was “considerably inferior to the fundamental values of the company.”

Argos stated that the price “… doesn’t recognize its fundamental value nor its portfolio of investment,” citing JP Morgan.

Argos said it will maximize shareholder value at Grupo SURA by taking actions that close the gap between the fundamental value of Grupo SURA’s stock and the value that is being reflected on the market.

Argos stated that the measures will support SURA in revealing its value by forming partnerships and listing on international stock exchanges, as well as boosting profits.

Grupo Gilinski, Abu Dhabi’s Royal Group and Grupo Gilinski launched a public purchase offer for Nutresa shares up to 62.625%.

Grupo Gilinksi stunned the market once more by making its move against SURA, the crown jewel of the GEA. SURA holds 20%- 50% of many conglomerates’ companies.