Brazil mall operator Aliansce Sonae makes new offer for BR Malls tie-up (updated)
19/04/2022 11:16
(Updates with details on previous offer, market data,
ownership)
By Gabriel Araujo
SAO PAULO, April 19 (Reuters) - Brazilian shopping mall
operator Aliansce Sonae ALSO3.SA on Tuesday said it has made a
new offer for a tie-up with rival BR Malls BRML3.SA , including
what it called a "more favorable exchange ratio for BR Malls'
shareholders."
Aliansce had two previous offers rejected by BR Malls this
year, but the latter signaled last month that it was still open
for talks on a potential business combination if they reflected
its "fair value." urn:newsml:reuters.com:*:nS0N2V5036 urn:newsml:reuters.com:*:nL2N2VL1EB
Under the new offer, Aliansce Sonae said it would pay BR
Malls' shareholders 1.25 billion reais ($268.66 million) in cash
and deliver them 326,339,911 shares of Aliansce.
This would represent an exchange ratio of one share issued
by BR Malls for 0.3940 share issued by Aliansce Sonae, it noted
in a securities filing.
The previous offer, submitted in mid-March, included a cash
payment of 1.85 billion reais and the delivery of 276,762,914
shares issued by Aliansce Sonae, with an exchange ratio of one
BR Malls share for 0.3341 Aliansce share.
Aliansce Sonae also said that BR Malls indicated in a
meeting between the firms that it will hold a board of directors
meeting on Tuesday to evaluate the new proposal and discuss ways
to present it to a shareholders assembly.
According to Refinitiv Eikon data, BR Malls currently has a
market capitalization of 7.24 billion reais, while Aliansce
Sonae has a market capitalization of 5.63 billion reais.
Aliansce is backed by the Canada Pension Plan Investment
Board (CPPIB) fund and also has ECE's Alexander Otto and founder
and chairman Renato Rique as major shareholders. BR Malls, on
the other hand, has a more diffuse ownership.
($1 = 4.6528 reais)
(Reporting by Gabriel Araujo; Editing by Louise Heavens, Ed
Osmond and Mark Porter)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))