Payments Firm Cielo Moves Closer to Brazil Delisting After Vote [BNN Bloomberg (Canada)]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: BNN Bloomberg
Shareholders at a special meeting Tuesday rejected a proposal that sought a new valuation for a tender offer the company was floating, according to people in attendance who asked not to be identified because the information isn't public. The decision paves the way for Banco do Brasil SA and Banco Bradesco SA — which have a controlling stake in Cielo — to proceed with a delisting, the people said. A representative for Cielo didn't reply to a message seeking comment. The banks initially offered 5.35 reais ($1.04) per share to take full ownership of Cielo and use it to compete for point-of-sales business. The offer was then raised this month to 5.60 reais per share. Read more: Cielo Shareholders Said to Seek Higher Price in Buyout Offer Some minority shareholders, however, held out and were requesting an assessment from another financial firm, according to people familiar with the matter. The proposal was voted down Tuesday, the people said. The banks' plan to take full owne
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