Gol updates bid for loyalty program

Gol updates bid for loyalty program

M&A Equity Corporate & Sovereign Strategy Capital Markets Brazil

Brazilian airline Gol has presented a new proposal to buy out minority shareholders in its loyalty program Smiles Fidelidade, it said in a securities filing.For every common share in Smiles, the São Paulo-based airline has offered either 0.42 preferred shares in Gol and BRL24.80 ($5.99) in cash or 0.63 preferred shares in Gol and BRL16.54 in cash.The new offer represents a roughly 25% premium on Smile's share price of BRL31.74 on Friday. Shares in Smiles jumped 18.4% to BR37.57 on Monday, while

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