August 15, 2018 / 2:48 AM / 4 months ago

Brazilian homebuilder Gafisa to seek merger or sale - filing

SAO PAULO, Aug 14 (Reuters) - Brazilian homebuilder Gafisa SA said on Tuesday in a securities filing that it will seek a merger or even a sale of the company.

Gafisa’s management has been authorized by the company’s board to hire financial and legal advisors, according to the document.

The homebuilder said the measure was aimed at preventing its largest shareholder, GWI Asset Management SA, appointing all its board members. GWI is a minority shareholder with a 25.7 percent stake in Gafisa.

Earlier this month, GWI requested Gafisa hold a shareholder meeting to dismiss all board members and elect new ones.

GWI could not be reached for comment after business hours on Tuesday. (Reporting by Carolina Mandl)

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