Godoy Buenos extend DASA bid, scrap minimum

The two Brazilian investors that launched a bid for control of Diagnosticos da America (DASA) last month have extended the window for the tender offer and scrapped a minimum acquisition limit. Edson de Godoy Bueno and Dulce Pugliese de Godoy Bueno, who own 23.59% of the Brazilian medical service provider, opened a voluntary tender offer for the remainder of the company through investment vehicle Cromossomo Participacoes. Cromossomo extended its offer to February 4 and removed the minimum acquisition amount set in December, of 26.41% of the firm plus one share, DASA said on Wednesday. The firm is offering to buy the shares at BRL15 ($6.3) per share. That 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 BRL14.9 on Wednesday. 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.