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BR Malls rejects the proposal of 'merger of equals' made by Aliansce Sonae

BR Malls announced this Friday that it had refused the unsolicited proposal for a "merger of equals" sent by Aliansce Sonae on January 4th and released this morning. According to the company, the decision of its board of directors was unanimous.

The shopping centre operator claims that the submitted offer "considerably understates the fair economic value of BR Malls and its portfolio asset, therefore, does not suit the shareholder's interests".

Aliansce Sonae offered R$1.35 billion in cash to BR Malls shareholders, or R$1.6184 per share, equivalent to approximately 20% of the company's market value, and the remainder in exchange for shares in the proportion of 0.3176 share of Aliansce Sonae per share of BR Malls.

BR Malls points out that the offer, which would result in each of the companies would have a 50% stake, does not offer a premium payment in relation to the closing price of the share last Thursday, 13

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