Amec believes that CAF can help Souza Cruz and BR Properties

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The Association of Capital Market Investors – Amec – suggested to Souza Cruz’s and BR Properties’ managements to analyze the possibility of submitting the operations that can result in the delisting of both companies to the Brazilian Takeover Panel – CAF.
Amec sent letters to the chairmen of both companies, directors and to the members of the independent committee dealing with BR Properties’ tender offer.
The association understands that, in the case of Souza Cruz’s tender offer, “there is a clear divergence between the objective of the controlling shareholder and the expectation of investors with respect to the company’s value.” In the letter, the association also highlights the British origin of CAF: “the fact that the Takeover Panel and the company’s headquarters are in the same jurisdiction can undoubtedly facilitate the understanding of the alternative.”
Yet the case of BR Properties is, in a way, an unprecedented situation. The operation involves a number of stages and conditions, in addition to related parties. Additionally, an initial evaluation suggests that the offering shareholders are interested in the company’s good assets, paying low prices for them.
Click here to access the President Letter sent to Souza Cruz.
Click here to access the President Letter sent to BR Properties.