March 25, 2021
Brazilian airline Gol said Wednesday that it increased the size of an offer to buy out minority shareholders in its loyalty program Smiles Fidelidade by 17.1%.
In the revised bid, which already has support from 25% of Smiles' minority shareholders, Gol has offered BRL8.28 ($1.48) in cash and 0.66 preferred share in the airline for every common share in Smiles, or BRL21.68 in cash and 0.165 preferred share, it said in a statement.
The updated offer represents a 47.9% premium over the 30-day volum
Brazilian airline increases the premium to buy out minority shareholders to 47.9%