GetNet jumps more than 20% with offer to take it off the stock market 7 months after IPO

Premium offered by the parent company was 30% in relation to the last closing price

At shares gives GetNet jump more than 20% this Friday, 20, leading the rise of the entire Brazilian stock exchange. The strong appreciation comes after the announcement of the offer by PagoNxt, its parent company and subsidiary of Santander, to delist the company from B3 and Nasdaq, where its ADRs are traded.

The amount offered was R$2.36 per common share (GETT3) and R$4.72 per unit (GETT11). GetNet’s units were down 68% from the maximum price reached in the first trading sessions last year. The value offered per unit represents a 30% premium over the last closing price.

The company’s units are trading close to R$4.45 this morning, while the common and preferred units are trading at R$2.20. The amount may still be adjusted by payments of benefits to shareholders, such as dividends and interest on equity.

PagoNext’s offer was announced 7 months after the company’s IPO, which marked the demerger of the company from Santander.

“In our view, the company’s short listing period raises reservations about the company’s future, despite this the possible offer offers upside significant to shareholders, given yesterday’s closing price,” Rodrigo Crespi, an analyst at Guide, said in a report.

Source: Exam