April 25, 2019 / 12:08 PM / 24 days ago

Shareholders in BTG Pactual Holding unit request new price in tender offer

SAO PAULO, April 25 (Reuters) - Minority shareholders of PPLA Participations Ltd requested an assembly to decide on a tender offer to delist the BTG Pactual Holding SA investment unit, according to a securities filing on Thursday.

Earlier in April, BTG offered PPLA shareholders 1.19 reais per Brazilian Depositary Receipt unit, which comprises three PPLA shares. On Wednesday, shares were trading at 1.30 reais.

The move by minority shareholders indicates the offering displeased them. PPLA said in the filing shareholders with more than a 10 percent stake in the company requested new pricing for the units.

As a consequence, an auction scheduled for May 10 has been suspended.

BTG holding intends to keep listed only its bank Banco BTG Pactual SA, which encompasses the group’s investment banking and money management activities.

Reporting by Carolina Mandl Editing by Chizu Nomiyama

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