By Jeffrey T. Lewis
SAO PAULO–Brazilian shopping center operator BR Malls Participacoes SA said Tuesday that it will hold talks with Aliansce Sonae Shopping Centers SA after the rival mall operator improved its previous takeover offers.
Earlier Tuesday, Aliansce said it had sweetened its offer for BR Malls to 1.25 billion reais in cash, the equivalent of $268 million, plus 326 million shares of Aliansce. BR Malls said the shares on offer would represent 55.2% of the combined company, and that at Aliansce’s closing price on April 18, would be an increase of about 18% over the original offer, made in January.
BR Malls had rejected the January offer, along with an improved offer made in March, saying they both considerably undervalued the company.
BR Malls said it had authorized its board to begin negotiations with Aliansce on the terms of the new offer and on the exchange of documents needed to present the proposal to its shareholders.
BR Malls’ shares closed at 8.75 reais Monday and Aliansce’s shares closed at 21.20.
Write to Jeffrey T. Lewis at [email protected]
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