SAO PAULO, Dec 3 (Reuters) - Cetip SA Mercados Organizados said on Thursday that an unsolicited offer from rival bourse operator BM&FBovespa SA fails to properly value the assets, market position and growth prospects of Brazil's largest securities clearinghouse.
In a securities filing, the board of Cetip said the offer of 39 reais a share in a non-binding offer does not bring about a "fair price" for the company. The offer by BM&FBovespa, Brazil's sole listed exchange, was placed on Nov. 13 and valued Cetip at 10.2 billion reais ($2.7 billion), according to Thomson Reuters calculations.
The offer represents a premium of 14 percent from Cetip's closing price on Oct. 30, the last trading day before talks between both companies were confirmed, and of 5.4 percent from the stock's closing price on Thursday.
$1 = 3.7446 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Andrew Hay