Minerva Raises Funds in Rights Offer

Brazilian meatpacker Minerva says leading shareholder VDQ Holdings has bought up the maximum amount of shares it was entitled to in the company’s ongoing rights offering. VDQ bought BRL108m worth of shares, which represents 68% of the total BRL159m the company says it will raise in an effort to improve liquidity in its stock. Holders of the company’s BEEF3 shares prior to August 31 can subscribe to the shares representing up to 40% of their holdings on that date until September 30. The company is also offering investors 2-year warrants at BRL5.30, a price that includes the BRL3.88 per share price plus a premium of BRL1.42. Any excess not sold in the rights offering will be distributed to the public between October 6 and October 8. Itau is managing the process.