Banco SofisaSA on Sept. 23 launched its planned public tender offer in aneffort to delist thebank from market trading.
Through the offer, which will run through Oct. 25, the bankhopes to acquire up to 13,187,965 shares, consisting of 11,989,865 outstandingshares and 1,198,100 shares held by bank management. The company set the priceof 4.50 Brazilian reais per share, which equates to a 73.08% premium to thelast closing price prior to the bank's announcement of the move in February.
The bank's tender offer was approved by Brazilian securitiescommission CVM on Sept. 6 and registered on Sept. 19. The authorized the auction in its trading system on Sept. 16.
According to CVM requirements, the company's delisting willbe obtained if more than two thirds of shareholders consent to the offer.However, if that condition is not met, the bank can still continue to bid for alevel 2 output, which was approved by shareholders in February.
As of Sept. 22, US$1was equivalent to 3.21 Brazilian reais.