Colombian conglomerate Grupo Argos on Monday ruled out participating in a public acquisition offer for food producer Nutresa launched by Grupo Gilinski and said it would list some of its assets on international stock exchanges. Grupo Argos holds about 10% of Nutresa shares. It has expressed concern about the offer by Grupo Gilinski, which wants to buy between 50.1% and 62.625% of circulating shares in Nutresa for up to $2.2 billion. The offer began on Nov. 29 and ends on Dec. 17. "The offer presented for shares of Grupo Nutresa considerably underestimates the fundamental value of the food business and the value of its portfolio investments," Grupo Argos said in a statement, citing a valuation by JP Morgan. Grupo Argos shares were down 1.56% to 15,180 pesos per share during trading on Monday. Grupo Argos said it would hasten its search for international partners and list some of its assets on international markets. "The board of directors of the company took the decision to speed strategic processes which are already being carried out and analyzed, like the involvement of international partners and the listing on international stock exchanges of some assets in the portfolio of Grupo Argos, among other measures, all meant for the market to adequately reflect their value," it said. Among the plans is to list cement-producer subsidiary Cementos Argos (CCB.CN) on the New York stock exchange and to consolidate its interests in road and airport concessions, energy and real estate into a single entity, to also be listed in New York. Cementos Argos said in its own statement it expected to join the New York exchange in the second half of 2022. Last week Grupo Gilinski also launched a public acquisition offer for up to 31.68% of shares of Grupo SURA, Colombia"s largest holding company. The offer, worth up to $1.19 billion, is pending regulatory approval. Grupo Argos - a major shareholder in SURA - has also expressed doubts about that offer. Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Mark Porter Our Standards: The Thomson Reuters Trust Principles.