Diagnosticos da America SA, Brazil’s biggest medical-diagnostics company by market value, rallied the most in four years after its biggest individual investors offered to acquire all of its outstanding shares.
Shares of Dasa, as Barueri-based Diagnosticos da America is known, gained 11 percent to 14.80 reais at the close of trading in Sao Paulo, the most since April 2009. It was the best performance on the benchmark Ibovespa, which added 0.3 percent.
Edson de Godoy Bueno and his ex-wife Dulce Pugliese de Godoy Bueno, who together own 23.6 percent of Dasa, proposed to buy an additional stake in the company of at least 26.4 percent plus one share, in an offer that could be extended to all 237.1 million outstanding common shares, according to a prospectus published today in Sao Paulo-based newspaper Valor Economico. The de Godoy Buenos’s holding company, Cromossomo Participacoes II SA, offered to pay 15 reais per share, totaling as much as 3.56 billion reais ($1.5 billion).
The deal could accelerate projects that reduce profitability in the short term while leading to “a better payoff in the long run,” Rafael Frade and Raquel Erzinian, analysts at Banco Bradesco SA’s brokerage unit, wrote in a note to clients today. “In addition, the buyers could merge Dasa into their other assets, such as hospitals, and subsequently extract synergies.” The offering probably will succeed, they wrote.
Dasa press officials didn’t respond to a phone call and e-mail from Bloomberg News seeking comment.
Edson founded Amil Participacoes SA, a health insurance company and hospital chain, and sold a 90 percent stake in it to UnitedHealth Group Inc. in Oct. 2012 for about $4.9 billion.