RPT-Brazil's college operator Kroton raises bid for rival Estácio

viernes 1 de julio de 2016 08:25 GYT

BRASILIA, July 1 (Reuters) - Kroton Educacional SA improved its unsolicited takeover bid for smaller rival Estácio Participações SA, Estácio said in a filing on Friday, in the latest stage of a heated battle for control of Brazil's No. 2 for-profit college operator.

Kroton offered a swap ratio of 1.281-to-1 for Estácio's shares, as well as an extraordinary dividend payout of 170 million reais ($52.84 million), Estácio said, adding that its board will discuss the new bid on July 8.

($1 = 3.2172 Brazilian reais) (Reporting by Silvio Cascione; Editing by Daniel Flynn)