Brazil's Zaher to place joint Estácio bid with funds, source says
SAO PAULO, June 28 (Reuters) - The Zaher family, the No. 2 shareholder in Estácio Participações SA, has secured bank loans and teamed up with an Asian sovereign wealth fund for a plan to win control of Brazil's second-largest college operator and thwart two rival bids, a source with direct knowledge of the matter said.
According to the source, who asked for anonymity since the plan is subject to changes, Banco Bradesco SA and Banco Santander Brasil SA have offered the family's investment vehicle TCA Investimentos Ltda with the necessary financing for the bid.
Apart from the undisclosed Asian fund, another Brazil-based investor also agreed to join the Zahers for the bid, the source said on Tuesday. The TCA-led group will only make the bid public should separate bids by rivals Kroton Educacional SA and Ser Educacional SA fail to price Estácio fairly, the source added. (Reporting by Tatiana Bautzer and Guillermo Parra-Bernal.; Additional reporting by Juliana Schincariol in Rio de Janeiro)
© Thomson Reuters 2016 All rights reserved.