IT services firm Tivit delisted from Bovespa

Friday, January 14, 2011

Shares in Brazilian IT services firm Tivit were delisted Friday from the Sao Paulo stock exchange Bovespa, the company said.

On December 20, a public tender offer for shares in Tivit turned over 721mn reais (US$429mn).

Tivit's controller, UK private equity fund Apax Partners' Dethalas Empreendimentos e Participacoes, bought around 37.7mn shares at 19.13 reais each, a 5.7% premium on the initially suggested price.

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Dethalas had planned to buy around 38.3mn shares, representing 43.04% of Tivit's capital. It originally offered 18.10 reais per share - the same amount it paid to acquire a controlling stake in Tivit early in 2010.

By Eulina Oliveira