UOL Readies Public Tender, Delisting

Brazilian internet provider Universo Online (UOL) is readying a public tender offer to buy back the 15.26% of its shares that are outstanding so that it may proceed with a previously announced plan to delist. UOL will offer holders of the 18.3m preferred shares BRL19.90 ($11.05) per share in a process to be held December 29. This indicates it would spend BRL365m if all offers are accept. The price compares to a BRL13.67 average for the past 12 months and a BRL16.97 average since the buyback was initially announced in August, UOL says. Bradesco is managing the transaction.