October 7, 2020 |
Brazilian card payments company StoneCo has increased its stake in Linx to gain a vote on its prospective merger with the software developer after a months-long battle with rival bidder Totvs.
Linx said in a securities filing on Monday that StoneCo had increased its stake to 5.81%, or roughly 11 million common shares, "in the context of the proposed incorporation." An acquisition that exceeds 4.9% of a company's shares requires approval from Brazil's anti-trust agency CADE.
Linx accepted the tak
Brazilian card payments company gains a vote on the proposed tie-up with the software developer