Brazil orders Sofisa tender offer be made to all holders
SAO PAULO Dec 23 (Reuters) - Brazil's securities industry watchdog ordered the family that controls mid-sized lender Banco Sofisa SA to drop a plan to increase their stake in the bank unless it is extended to all shareholders.
In a Wednesday securities filing, Sofisa said it was informed by watchdog CVVM of the decision. The Burmaian family will be allowed to bypass the tender offer and proceed with a capital increase if it agrees to reduce its stake in the bank within 90 days.
A number of mid-sized listed banks are considering going private or selling to other investors as nonperforming loans and an economic recession weigh on profitability. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)
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