By Rogerio Jelmayer
SAO PAULO--Shareholders of the Brazilian unit of British
American Tobacco PLC (BATS.LN), Souza Cruz SA (CRUZ3.BR), have
hired Credit Suisse to perform a new evaluation of the company's
share price, as part of tender offer process announced at the start
of March.
On March 3, BAT launched a public tender offer to buy the
remaining 24.7% of Souza Cruz it doesn't already own, at 26.75
Brazilian reais ($8.74) a share, and delist the company.
Following a demand from minority shareholders led by Aberdeen
Asset Management, Souza Cruz has hired Credit Suisse to make a new
evaluation of the share price to be offered. Souza Cruz didn't say
whether the new evaluation is likely to produce a different price
for the tender offer.
Credit Suisse will perform the evaluation in the next 30 days,
Souza Cruz said.
The tender offer is likely to cost BAT around 10 billion reais
($3.26 billion), considering Souza Cruz's outstanding shares and
the price offered previously. Souza Cruz has a total of 378 million
outstanding shares on the Sao Paulo Stock Exchange.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires