Under severe pressure from the minority, Carrefour France Seriously more than 10 % of Offer to throw S. AttackBrazilian grant.
now, The price provided is $ 8.50 per share, for the previous $ 7.70 – In a movement promises to withdraw the papers to the next trading session. The stocks have been negotiated at the level of $ 7.40 since the announcement of the offer.
This change comes less than a week before the gathering that was scheduled to vote for the operation, scheduled for next Monday, 7. The meeting was postponed within a little more than two weeks, for 25.
Minority shareholders, which are mainly led by foreigners, were expressing the prevention of the operation as it promised to vote to vote in the association.
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To continue to close the capital, Carrefour France needed the approval of the simple majority of minorities, on the basis of a very sprayed. The approval of 50 % is calculated in addition to 1 procedure from those present at the association.
Ruane Cuniff, who ran more than $ 15 billion in assets, was very frank about the discontent of the proposal.
Sleep A difficult, difficult, difficult, difficult message through insightThe director described the process as “opportunistic and immoral.”
Criticism in terms of price was a significant decrease and close to historical minimum and process governance.
They refer to cases of failure and lack of transparency in developing evaluation reports and questioning the independence of the members listed by Carrefour Brasil to evaluate the process.
Two foreign investors have heard if his identity is not disclosed, and they will not find it after the offer. One of them says, as the minimum level is $ 10 per share: “It is not logical, still extremely.”
Another says: “The new price does not even put the value of the real estate assets of Carrefour alone, which will say about the process.”
This week, the most difficult blow to the operation came with a recommendation from Glass Lewis and ISS CONSULTING, which is directed and followed by many negative profile boxes. Both recommended that the shareholders did not accept the $ 7.70 proposal, because he did not find the useful prize.
In a controversial process, also this week, the Diniz family, the family office, and the second largest contributor to Carrefour after its observer, with 7.3 % of the shares, announced a “detachment” of 2.4 % of its money capital – and can vote as free float.
According to insight, This is the sovereign box in SingaporeWhoever wants to receive a segment of criticism and not in exchange for the actions of Carrefour France, as the peninsula will do.
However, GIC will be ready to accept $ 7.7 for every action, in a movement that was interpreted by minorities as an attempt to “generate a goal” by Carrefour France, which increases the chances of agreeing to suggest it, with the help of the peninsula.
In the new proposal for Carrefour France, there is also the possibility to exchange ATACADãO sharing for French matrix actions.
The investor can choose to get a set of 0.5 procedure from Carrefour França Plus $ 4.25 in cash, higher than $ 3.85 than the previous offer. Another option is to receive 0.1 procedure from Carrefour France (compared to 0.09 of the previous offer).
