April 16, 2021 |
Brazilian retailer Hering saw its stock jump by almost one-third on Thursday after it declined an unsolicited merger offer from local footwear company Arezzo&Co, sparking a rally in the shares of both companies on expectations of further bids.
Shares in Hering leaped 28.1% to BRL21.91 on Thursday after the company said the day that it had turned down the offer. Arezzo’s shares,meanwhile, rose 8.35% to close at BRL80.95.
"In the past months, Arezzo&Co has conveyed to the market a more agg
Brazilian retailer's stock climbs 28% after it turns down a $230 mln offer to sell a minority stake to the local shoemaker