BOGOTA, (Reuters) – Grupo Argos, a Colombian industrial conglomerate said Thursday that it would not take part in a third public offer to acquire shares in Grupo SURA investment holding company and Nutresa food producer launched by Jaime Gilinski.

Argos, SURA and others refused participation in the previous public offerings. They claimed that the value offered by Gilinski – one of Colombia’s wealthiest men and the largest shareholder of SURA bank GNB Sudameris – is too low.

The country’s biggest conglomerate Grupo Empresarial Antioqueno has been shaken by the series of offers. SURA and Nutresa were members. GEA is left with few options to counter Gilinski’s attempts.

Argos stated in a statement that he had made to the financial regulator of the country, “Taking into consideration the technical and strategically analyse presented by J.P. Morgan, other advisors, and other considerations,”

Argos indicated that they will work together with these companies to increase shareholder value.

SURA stated in a separate release that five members of the board, which included Gilinski’s father Gabriel, were not authorized to vote on the third Nutresa offer. They had previously expressed conflict of interest.

According to the statement, “Based on this shareholder decision, Grupo SuRA’s board does not possess the necessary quorum in order to deliberate and decide exclusively on the third Tender offer for shares in Grupo NUTRESA.”