BM&FBovespa Tumbles on Speculation Offer for Cetip Will Increase

  • Cetip rejected $2.7 billion proposal to merge with exchange
  • Offer undervalues its business, the fixed-income platform said

BM&FBovespa SA, the operator of Brazil’s stock and derivatives exchange, slumped on speculation it will have to boost its $2.7 billion takeover offer for Cetip SA after its management rejected the bid as too low.

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