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Offers are due by November 9, and a majority share may reportedly be on the table.

Fitch Ratings assigned the company an issuer default ratings of BB-. Moody's handed out its equivalent at Ba3 for the firm's corporate family rating.

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3

Fitch's assessment of the Bancolombia subsidiary was "driven by the potential support it would receive from its parent if needed."