For an approximate difference of 100 million shares out of just over 1.1 billion shares in free circulation, Cielo shareholders rejected the new share price valuation report for the delisting (OPA) of the acquiring company.
By rejecting the new OPA price evaluation report, prepared by J.Safra, the minority shareholders do not know whether the proposal would be higher or lower. As a result, the last proposal made by controllers Bradesco and Banco do Brasil remains valid: R$ 5.60 with the increase in the CDI upon settlement of the operation. The first proposal had been R$5.35 (plus the payment of interest on equity of R$0.15) per share.
The second report was rejected by the majority of minority shareholders. Absolute, AZ Quest, Clave, Encore, Vinland and XP, which hold approximately 7% of Cielo’s capital and just under 20% of the shares in free circulation, had already reached an agreement with the controllers.
O NeoFeed found that in the last 20 days there was intense movement between those who were in favor and those who were against the new report to win votes.
In this vote, many investors abstained and preferred to donate the share via rent. This reinforced the group of minorities who were also able to vote with the position of the rented shares against the new report.
“There are a lot of treasury and macro funds doing arbitration with Cielo’s shares, but they were not qualified to vote and donated the shares so that other players could vote,” a source told NeoFeed.
Among the assets with an important position in Cielo, Ibiuna abstained from the vote. The manager, alongside Mantaro and investor Luiz Barsi Filho, form a group with less than 4% of the acquiring company’s capital.
The majority of votes in favor of the new report (a position that was defeated) came from foreign funds. The person leading this movement was Norges Bank Investment Management, which manages Norway’s pension fund and has US$1.6 trillion under management.
Following the rejection of this second report, Cielo’s OPA needs to be approved at a meeting and the auction scheduled. This process is expected to take three months to five months to complete.
With a market value of R$5.1 billion, Cielo’s shares closed the trading session on Tuesday, April 23, quoted at R$5.59. During the year, the paper accumulated an appreciation of 23.1%.
