In the last three months, Aliansce's management met with more than 200 BrMalls shareholders, representing relevant coverage of the competitor's investor base. The fact that it raises the offer and then immediately asks for a meeting to be called for voting indicates that Aliansce is confident that it already has enough support for approval and/or that there is room to get more votes proposal has been released. Another reading is that the content was leaked to the press earlier than expected and therefore became difficult for Aliansce to push back.

Distancing

There are also signs of estranging between the controllers of both companies. More than 24 hours after the new offer became public, the management of BrMalls still had not received a formal communication from Aliansce about it. Behind the scenes, it is said that they only learned about the proposal's content from the press on Sunday.

Two months ago, Aliansce proposed a merger in which each party would have a 50% stake in the new group. In the new offer, Aliansce increased the cash payment by R$500 million, reaching R$1.85 billion, and accepted a smaller share of the combined business: 48.92% x 51.08%. BrMalls shareholders would also receive R$1.35 billion in cash.

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