BRASILIA, June 21 (Reuters) - Brazil’s Kroton Educacional SA , Brazil’s largest for-profit education firm, improved on Tuesday the terms of an unsolicited bid for smaller rival Estácio Participações SA.
In a securities filing, the company said it offered a 48-percent increase in the original bid to garner enough support for the transaction.
Kroton said that the new bid, which will be valid until June 30, would entail the offering of 1.25 shares per each of Estacio, compared with a prior swap ratio of 0.977 to 1. The all-stock offer could be valued at around 5 billion reais ($1.47 billion), according to Thomson Reuters calculations.
$1 = 3.3987 Brazilian reais Reporting by Guillermo Parra-Bernal and Silvio Cascione Editing by W Simon