Shopping mall manager Aliansce Sonae reaffirmed this Monday, 17th, its intention to advance in negotiations for a billion-dollar merger with BRMalls. Last Friday, the 14th, the company’s board of directors rejected the proposal for a “merger of equals”, an agreement that provided for another cash prize of R$1.35 billion. The reason for the refusal was an undervaluation of the company, according to BRMalls.
In a statement sent to the Brazilian Securities and Exchange Commission (CVM), Aliansce said that it “remains determined to demonstrate the merits of the business combination to the board of directors and shareholders of BRMalls”.
In addition to the cash prize, the initial proposal foresaw that the shareholders of each company would own 50% of the new group. But according to people directly involved in the conversations, the deal was seen by BRMalls as a no-premium takeover attempt rather than a merger.
BRMalls advisers also disagreed that the companies can be considered equal – one argument is that their malls have better operational performance. The proposal is dated January 4th. At the time, Aliansce Sonae had a market value of R$5.4 billion, while BRMalls was traded at R$6.9 billion.
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