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Fleury Rallies as Controlling Shareholder Receives Sale Bids

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Feb. 13 (Bloomberg) -- Fleury SA, a Brazilian provider of medical services, rallied the most since November after its controlling shareholder received bids for the stake it owns.

Core Participacoes SA said in a regulatory filing that it’s analyzing the offers for its direct and indirect stakes in Fleury. The Sao Paulo-based company 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), the report said.

Fleury declined to comment beyond the filing when contacted by Bloomberg News. Hermes Pardini declined to comment on the Estado report.

Fleury rose 4 percent to 18.66 reais at the close of trading in Sao Paulo, the biggest one-day jump since Nov. 14. The stock is up 1.4 percent this year, compared with a 7.2 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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