Its direct share has increased from 4% to 5.05% in recent weeks and must inform its new position in the market. Aliansce tries to reduce its average payment cost if it manages to complete the merger with the competitor. The strategy includes getting closer to other BR Malls shareholders, participating in meetings and voting - as in the election of the board in two months.

At BR Malls, the current position sounds like an instrument of marketing and pressure, giving the impression of a more heated dynamic. BR Malls (management and shareholders) continues to understand that Aliansce needs to increase the proposed price and speaks with BR Malls' shareholders under the same conditions, without commitments to support the merger.

For one source, Aliansce's purchase of BR Malls shares for a value just over 20% above what it proposed serves to corroborate the argument that the initial parameters need to change. Aliansce had already assembled most of the position in January and early February, at an average cost lower than these last actions, around 8% above the parameters used in the merger proposal. It is of this magnitude that investors have placed the "delta" in BR Malls' shares, indicating that they also expect a review of Aliansce's proposal.

Read full story (in Portuguese).

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