Cosan announces final results of $100M tender offer
Cosan announced the final results of its tender offer to purchase up to $100M of its Class A common shares, or the shares, at (i) prices specified by the tendering shareholders of not greater than $9.30 nor less than $8.88 per share or (ii) at the purchase price determined in accordance with the tender offer. The tender offer expired at 11:59 p.m., New York City time, on December 28, 2018. Based on the final count by Computershare Trust Company, N.A., the Depositary for the tender offer, a total of 30,871,499 Class A common shares of Cosan were properly tendered and not properly withdrawn at the final cash purchase price of $8.88 per share. Because the tender offer was oversubscribed, the company purchased only a prorated portion of the shares properly tendered by each tendering shareholder at the final per share cash purchase price of $8.88. Based on the final tender count, and taking into consideration the effect of odd lot priority and conditional tenders on the proration factor, the final proration factor for the tender offer was 49.74% of the shares properly tendered at the cash purchase price of $8.88 per share. Accordingly, Cosan acquired 14,228,134 shares at a purchase price of $8.88 per share, for a total cost of approximately $126.3M, excluding fees and other expenses related to the tender offer. These shares represent 9.6% of the issued and outstanding Class A common shares of Cosan as of December 31, 2018. The shares accepted for purchase include 2,966,873 additional shares that Cosan has elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding Class A common shares.