Business

After Stone, TOTVS also sends a deal proposal to Linx

According to Valor, the Brazilian leader in management software development TOTVS sent today a business combination proposal to Linx's board

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  • The curious thing is that, before the deal with Linx, Stone was considering the acquisition of TOTVS;
  • To happen, TOTVS ‘proposal needs to be approved by both its shareholders and Linx’s shareholders, in addition to being subject to prior evaluation by the Administrative Council for Economic Defense (Cade).

Only days after the Brazilian payments company Stone announced a deal to acquire the retail management platform Linx, the Brazilian leader in management software development TOTVS also shown interest in Linx. According to Valor PRO, the real-time news service from the media outlets Valor Econômico and Valor Investe, TOTVS sent today a business combination proposal to Linx’s board.

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Last August 11, Stone and Linx announced an agreement: the payments company would buy the platform for BRL 6.045 billion. The potential merger, however, has been questioned by shareholders, such as the manager Fama Investimentos. On Thursday, the Securities and Exchange Commission (CVM, in the acronym in Portuguese) opened investigations to investigate complaints that Linx’s minority shareholders may be harmed considering the proposed terms of the transaction.

The curious thing is that, before the deal with Linx, Stone was considering the acquisition of TOTVS.

READ ALSO: Brazilian fintech Banco Inter launches a research area to serve its base of more than 230,000 investors

To happen, TOTVS ‘proposal needs to be approved by both its shareholders and Linx’s shareholders, in addition to being subject to prior evaluation by the Administrative Council for Economic Defense (Cade).

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