Fleury Controlling Shareholder Receives Bids to Sell Stake

Fleury SA (FLRY3), a Brazilian provider of medical services, said its controlling shareholder received bids for its stake in the company.

Core Participacoes SA said it’s analyzing the offers for its direct and indirect stakes in Sao Paulo-based Fleury, according to a regulatory filing today. Fleury said in November that Core had hired JPMorgan Chase & Co.’s Brazilian unit to assess strategic alternatives for its holdings.

Instituto Hermes Pardini Ltda., whose investors include Gavea Investimentos Ltda. and Apax Partners LLP, and a group formed by Blackstone Group LP and Patria Investimentos SA are the remaining bidders for the stake being sold, O Estado de S. Paulo reported today, without saying how it got the information. The shares may be priced at 20 to 22 reais apiece and the deal could total 1.5 billion reais ($618 million).

Fleury rose 1.7 percent to 18.25 reais after climbing as much as 2 percent in early Sao Paulo trading. The stock is down 0.5 percent this year, compared with a 7.8 percent drop for Brazil’s benchmark Bovespa index.

Under Brazilian securities rules, owners of voting stock are entitled to receive at least 80 percent of the price paid to controlling stakeholders if the company is bought, the so-called tag along.

To contact the reporter on this story: Jessica Brice in Sao Paulo at jbrice1@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

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