Estacio Participacoes SA said it accepted a 5.36 billion-real ($1.66 billion) all-stock takeover proposal from Kroton Educacional SA, putting the for-profit education giant in position to win a monthlong bidding war.
Estacio investors will receive 1.281 share of Kroton for each share they hold, according to a filing Friday. Shareholders of Estacio will also get a special dividend of 55 centavos a share. The offer price represents a 57 percent premium over Estacio’s closing price June 1, the day Kroton announced it would pursue a takeover.
