SAO PAULO Brazilian retailer GPA said on Thursday its board rejected a second offer from Colombian billionaire Jaime Gilinski to acquire a 51% stake in its subsidiary Almacenes Exito.

In a securities filing, GPA said the offer does not serve the best interests of the firm and its shareholders, as the price offered falls short of "financial reasonableness for a transaction aiming at a controlling interest."

The Brazilian retailer also said that the proposal presented by Gilinski does not provide sufficient elements to assure the board of its binding nature or a "reasonable expectation of concluding a transaction."

Last month, GPA declined Gilinski's offer to pay $836 million for nearly 97% of Exito.

(Reporting by Peter Frontini and Carolina Pulice; Editing by Anthony Esposito and Isabel Woodford)