June 17, 2018 / 1:20 AM / 9 months ago

Board of Brazil's IMC approves bid by Sapore to acquire stake

RIO DE JANEIRO, June 16 (Reuters) - The board of Brazil’s International Meal Company unanimously approved a tender offer by private rival Sapore SA to buy out 25 percent of the company’s outstanding shares, minutes of the meeting showed on Saturday.

According to a securities filing by IMC, Sapore would buy the shares at 9.30 reais per share. IMC’s capital would them be reduced until Sapore ends up with a 41.79 percent stake in the company, the filing showed. (Reporting by Gabriella Mello Editing by Marguerita Choy)

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