June 21, 2016 / 7:32 PM / 2 years ago

Kroton's new offer for Brazilian peer Estacio is final -source

SAO PAULO, June 21 (Reuters) - Kroton Educacional SA’s latest bid for Brazilian peer Estacio Participações SA is its final offer, a source familiar with Kroton’s plans said on Tuesday, adding that 40 percent of Estacio shareholders expressed support for the bid.

Kroton revealed more generous terms for a takeover on Tuesday, offering 1.25 Kroton shares for each Estacio share. The source said it was “irrational” to expect a swap ratio of 1.5 Kroton shares per Estacio share, the terms preferred by the Zaher family, Estacio’s No.2 shareholder, according to a Reuters report earlier on Tuesday. (Reporting by Juliana Schincariol; Writing by Brad Haynes; Editing by Daniel Flynn)

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