Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Itau Confirms 35 Reais per Redecard Share in Buyout Offer

April 13 (Bloomberg) -- Itau Unibanco Holding SA maintained its offer to pay 35 reais ($19.2) per Redecard SA 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.

-- Editor: Tais Fuoco

To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net

To contact the editor responsible for this story: Tais Fuoco at tfuoco1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.