Deals
Cetip's Board Rejects Second Takeover Bid From BM&FBovespa
- Company authorized financial advisers to discuss a deal
- Agreement on merger is expected to be reached, analysts say
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Cetip SA, Brazil’s largest clearing house, rejected a second takeover bid from BM&FBovespa SA, which runs the country’s stocks and derivatives exchange, prompting shares to decline for first time in four days.
BM&FBovespa said on Feb. 19 it was offering to pay 41 reais per share in cash and stock to buy Cetip, after having its first offer of 39 reais rejected in November. In a regulatory filing Wednesday, Cetip said that though it rejected the proposal as it was presented by BM&FBovespa, it authorized its financial advisers to start discussing a deal. The clearing house said the talks will be confidential and didn’t provide further details.