Folhapar, the controlling shareholder in Brazilian ISP UOL, has increased the price of its offer for minority shares in the company from R$17 (US$9.66) to R$19 (US$10.8) per share.
In a statement, UOL said that it had been informed of the price rise…
Folhapar, the controlling shareholder in Brazilian ISP UOL, has increased the price of its offer for minority shares in the company from R$17 (US$9.66) to R$19 (US$10.8) per share.
In a statement, UOL said that it had been informed of the price rise by Folhapar.
UOL also said that several shareholders have committed to sell their shares to Folhapar at the R$19/share price.
The acquisition of these shares is still subject to the approval of the Brazilian Securities and Exchange Commission (CVM).
After it has been registered with the CVM, Folhapar will then publish a tender offer, which will give the date of the auction for the shares.
Banco Bradesco carried out an appraisal report of UOL’s shares for Folhapar earlier in the year.
In a letter dated 30 August, Folhapar said that Banco Bradesco estimated the value per share at R$16.83 (US$9.57) in its report.
The letter was published on UOL’s website.
UOL announced in July that Folhapar was planning to acquire over 18 million common shares and over 30 million preferred shares, which together represent over 40% of stock in UOL.
