Eletropaulo Board Recommends Enel's Bid Due to Higher Price
30 Mayo 2018 - 1:58AM
Noticias Dow Jones
By Alberto Delclaux
Eletropaulo Metropolitana Eletricidade de Sao Paulo S/A's
(ELPL3.BR) board of directors recommended shareholders accept Enel
SpA's (ENEL.MI) takeover bid rather than a rival bid from Iberdrola
SA (IBE.MC), considering its higher price.
The board, however, said it would be open to changing its
recommendation if the offers were modified, according to a
regulatory filing from Tuesday.
Shareholders will vote on the successful bidder on a tender on
June 4. Enel offers 32.20 Brazilian reais ($8.62) a share compared
with Iberdrola's offer at BRL32.10 a share, which it made through
Brazilian subsidiary Neoenergia S/A (NEOE3B.SM).
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
May 30, 2018 02:43 ET (06:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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