June 29, 2017 / 11:43 PM / a year ago

Brazil's Estácio to buy back shares after antitrust watchdog rejects deal

SAO PAULO, June 29 (Reuters) - Brazil’s second largest college operator, Estácio Participações SA, will buy back up to 5 percent of its shares, the company said in a securities filing on Thursday, a day after Brazil´s antitrust watchdog Cade rejected a takeover proposal by larger rival Kroton Educacional SA.

Estacio shares fell 2 percent on Thursday, to 14.40 reais, extending last month’s losses to 19 percent as the proposed 5.5 billion-real ($1.7 billion) deal with Kroton fell through.

In the same securities filing, Estácio also said its board authorized the company to engage financial advisors to look for potential acquisition targets. (Reporting by Tatiana Bautzer; Editing by Andrew Hay)

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