Estácio board endorses Kroton takeover bid in Brazil consolidation -sources

viernes 8 de julio de 2016 17:23 GYT

SAO PAULO, July 8 (Reuters) - The board of Brazilian for-profit education company Estácio Participações SA endorsed on Friday a takeover bid from larger rival Kroton Educacional SA, according to two sources with direct knowledge of the matter.

The board will schedule a shareholder assembly and recommend approval of Kroton's proposal. The final documents of the board meeting have not been signed yet, the sources said, adding that the company will send a securities filing regarding the results of the board meeting later on Friday. (Reporting by Tatiana Bautzer; Editing by Sandra Maler)