Victory for controlling shareholders in assembly paves way for Cielo’s delisting tender offer
26, abril 2024
The deadlock in the process for Cielo’s delisting seems to be nearing an end. On April 23, a request for a new appraisal report to reassess the pricing of the upcoming tender offer (OPA) proposed by the company’s controlling shareholders, Banco do Brasil and Bradesco, was rejected.
Minority shareholders, led by mega-investor Luiz Barsi, had argued for an increase in the initial price offered of 5.35 Brazilian reais (1.05 dollars) per share. They claimed that if the appraisal by Bank of America were revised, the price would rise to 7.89 reais (1.54 dollars) per share.
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