Itau Unibanco Holding SA (ITUB4) maintained its offer to pay 35 reais ($19.2) per Redecard SA (RDCD3) share to buy out minority shareholders in its card-payment unit, the company said in a regulatory filing yesterday.
Itau, Brazil’s largest bank by market value, said the share price was within the range calculated by NM Rothschild & Sons Ltda of 34.18 reais to 37.59 reais, announced in a filing on April 5. Redecard shareholders had hired Rotschild to value the company for the deal.
The Sao Paulo-based bank also said two-thirds of Redecard shareholders must accept the offer, as Itau plans to delist its unit.
Itau in February offered to buy out Redecard’s minority shareholders for as much as 11.8 billion reais, less than five years after the card-payment processor went public.
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