April 6, 2016 / 6:27 PM / 2 years ago

Brazil's Cetip agrees to BM&FBovespa takeover offer, source says

SAO PAULO, April 6 (Reuters) - Brazil’s Cetip SA Mercados Organizados has agreed on most terms of a revamped, unsolicited offer by rival bourse operator BM&FBovespa SA, a source with direct knowledge of the situation said on Wednesday.

The boards of BM&FBovespa and Cetip are expected to approve the sweetened terms of the deal within the “next 48 hours,” said the source, who requested anonymity because the process remains underway. Cetip rejected an unsolicited offer worth 10.8 billion reais ($2.9 billion) from BM&FBovespa on March 2, but had authorized financial advisers to pursue discussions on a potential better deal.

O Estado de S. Paulo newspaper reported the combination earlier on Wednesday, without citing how it obtained the information.

$1 = 3.6699 Brazilian reais Reporting by Guillermo Parra-Bernal; Additional reporting by Tatiana Bautzer in São Paulo; Editing by Chris Reese

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