SAO PAULO, Feb 23 (Reuters) - Shareholders of clearinghouse Cetip SA Mercados Organizados are expected to accept the sweetened offer from Brazil’s biggest exchange operator, BM&FBovespa SA, newspaper Valor Economico reported on Tuesday.
The newspaper said foreign shareholders in Cetip, which it had spoken with but did not name, were likely to accept the new offer including a greater share of cash. Valor said it was unclear if ICE Intercontinental Exchange, which holds a 12 percent stake in Cetip, would favor the new offer.
BM&FBovespa made a binding offer last week of 41 reais per share of Cetip, of which 30.75 reais would be paid in cash and the rest in stock. The offer values Cetip, a clearinghouse and depositary company that also sells liens on mortgages and auto loans, at about 10.86 billion reais ($2.8 billion).
Analysts expect the deal to go through, including Credit Suisse’s Victor Schabbel who has recommended buying Cetip on the likelihood the merger would go ahead.
Common shares of Cetip were up 0.8 percent at 38.20 reais in early Tuesday trading, while BM&FBovespa shares were down nearly 1 percent at 11.12 reais. (Reporting by Reese Ewing; Editing by Bill Trott)