Gol ups offer for loyalty program

Gol ups offer for loyalty program

M&A Equity Capital Markets Tourism Coronavirus Brazil

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

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