July 31, 2017 / 11:11 AM / a year ago

Brazil's Estácio to revamp bylaws in wake of failed takeover

SAO PAULO, July 31 (Reuters) - Estácio Participações SA , Brazil’s No. 2 for-profit education firm, has proposed a broad overhaul of corporate governance rules in the wake of a failed takeover attempt by larger rival Kroton Educacional SA.

In a Monday securities filing, Estácio proposed the creation of a strategic committee and modification to rules concerning unsolicited stake increases surpassing 20 percent of outstanding stock. In the filing, Chief Executive Officer Pedro Thompson said the proposal has been submitted for approval at an extraordinary shareholder meeting scheduled for Aug. 31. (Reporting by Ana Mano and Guillermo Parra-Bernal)

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