SAO PAULO – Brazil’s Zamp SA said on Monday that Mubadala Capital LLC raised the price of a tender offer to acquire control of the company to 1.03 billion reais ($200.91 million).
Mubadala’s new offer is for 8.31 reais ($1.62) per share, from the previous price of 7.55 reais per share, which had prompted the board of directors of the brand owner of Burger King in Brazil to recommend that shareholders reject the deal.
The figure represents a 34% premium over the closing price of Zamp’s shares on July 29, the last trading session before the announcement of the offer.
Zamp’s shareholders will decide whether to sell its stakes or not in a tender set to take place on Sept. 26 in the Brazilian stock exchange B3.
Shares in the company rose 7% in morning trading to 8.26 reais, while the broader Bovespa Index was up 1%.
($1 = 5.1268 reais)