Brazil's Cetip says BM&FBovespa unsolicited bid undervalues company

December 3, 2015 9:46 PM

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SAO PAULO Dec 3 Cetip SA Mercados Organizados said on Thursday that an unsolicited offer from rival bourse operator BM&FBovespa SA fails to properly value the assets, market position and growth prospects of Brazil's largest securities clearinghouse.

In a securities filing, the board of Cetip said the offer of 39 reais a share in a non-binding offer does not bring about a "fair price" for the company. The offer by BM&FBovespa, Brazil's sole listed exchange, was placed on Nov. 13 and valued Cetip at 10.2 billion reais ($2.7 billion), according to...

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