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Sao Paulo – A subsidiary on the Sao Paulo Stock Exchange, seven months after its trading debut, Spain’s Banco Santander SA may take over Brazilian payment company Gatnet, a securities filing showed late Thursday.
Getnet, a direct associate of Santander’s PagoNxt Merchant Solutions, said its regulatory shareholder wanted to purchase all outstanding shares of the company and take it personally.
The move would apply to shares and units listed in Brazil and to American Depository Shares (ADSs) traded on Nasdaq, Gannett said, without giving a reason.
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The company, officially known as Getnet Adquirencia e Servicos para Meios de Pagamento SA, launched its business in October 2021 with a market value of 7.3 billion races.
Getnet said its regulator would offer 2.36 reais per ordinary or preferred share per shareholder and 4.72 reais per unit for purchase of outstanding stock, a 29.3% premium to Thursday’s 3.65 reais per unit closing price.
Units at Getnet rose 23% to a 4.50 reais on Friday, reaching their highest level since the end of October but still falling sharply from their trading debut.
“Gatnett’s disappointing valuation and a small free-float were causing liquidity problems. Moreover, it has failed to achieve the initial goal of the spin-off, which is to trade at high quality and unlock values for the group, “said City analysts.
Rodrigo Crespi, an analyst at Guide Investments, said Gannett’s short tenure as a publicly traded company could bring some reservations about its future, but noted that Santander’s bids give shareholders a significant boost.
(Reporting by Andre Romani; Additional reporting and writing by Gabriel Araujo; Editing by Paul Simao and Chizu Nomiyama)