BRMalls Board unanimously rejects Aliansce proposal for merger

- Article Top Advertisement -

The courtship was short-lived. After receiving a merger proposal from Aliansce Sonae at the beginning of the month, BRMalls turned down the business combination.

BRMalls released this Friday (14) the minutes of the meeting of its Board of Directors, which unanimously decided to reject the deal.

- Article Inline Advertisement 1-

As described in the minutes, the board’s refusal was “on the understanding that the aforementioned proposal considerably undervalues ​​the fair economic value of the company and its asset portfolio. Therefore, it does not serve the best interests of the company’s shareholders”.

Aliansce published a material fact hours ago making public the terms of its proposal, classified as a “merger of equals”. The company offered the competitor a merger of the fifty-fifty businesses, plus a cash prize of R$1.35 billion.

- Advertisement -

The proposal is dated January 4th. At the time, Aliansce Sonae had a market value of R$5.389 billion, while BRMalls was traded at R$6.915 billion.

BRMalls informed today that its board met on the 6th, when they discussed, among other matters, the unsolicited and non-binding proposal of Aliansce Sonae.

It was agreed there that, prior to any definition of the proposal, the managers of BRMalls and the financial and legal advisors would carry out analyzes to deepen the understanding of certain central points of the approach.

“After further analysis (…) and after hearing the aforementioned advisors, the board members unanimously decided to refuse the proposal”, describes the minutes.

Reference: CNN Brasil

- Article Bottom Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles