Banks Suggest Lower Price for UOL Offer

Advisors to Brazil’s Folhapar should offer minority shareholders of its Universo Online (UOL) unit BRL16.83 per share, below the BRL17.00 limit it had set. Folhapar, publisher of the Folha de Sao Paulo newspaper, is attempting to buy up 18.4m ordinary and 30.7m preferred shares, or 41% of the capital, it doesn’t own in order to de-list UOL. At BRL16.83, Folhapar would be looking at spending BRL826m if all holders accept. Bradesco provided the valuation. UOL does not give the timing for the completion of the process.