Investors launch bid for Brazil’s DASA

Two Brazilian investors have launched a bid for control of Diagnosticos da America (DASA), offering to buy at least 26.41% plus one of the outstanding stock at BRL15 ($6.3) per share. Edson de Godoy Bueno and Dulce Pugliese de Godoy Bueno own 23.59% of the Brazilian medical service provider and have opened a voluntary tender offer for the remainder of the company through investment vehicle Cromossomo Participacoes. The investor will buy as many as all 238.3m shares the pair does not own, with the deal subject to a minimum of 82.4m shares. The price is a 12.44% premium to the closing price on December 20, and a 22.9% premium to the 90-day volume weighted average price before that. The shares closed at BRL14.36 on Thursday. Shareholders have until January 21 to tender their stock. BTG Pactual is managing the deal. DASA was last in the capital markets in October, when it sold a BRL450m 2018 debenture. DASA reported gross revenues of BRL716.7m in the third quarter.