|Over a week ago|
Linx S.A. rises 7.7% » 10:0004/1504/15/21
Linx S.A. is up 7.7%, or…
Linx S.A. is up 7.7%, or 48c to $6.71.
Linx S.A. rises 8.2% » 09:4704/1504/15/21
Linx S.A. is up 8.2%, or…
Linx S.A. is up 8.2%, or 51c to $6.74.
|Over a quarter ago|
Linx S.A. initiated with a Hold at Santander » 05:1312/2312/23/20
Grupo Santander initiated…
Grupo Santander initiated coverage of Linx S.A. with a Hold rating and $7.60 price target.
Linx SA (ADS) trading resumes 11:2911/1711/17/20
StoneCo raises cash portion of consideration for Linx by R$1.50 per share » 11:0611/1711/17/20
StoneCo (STNE) announces…
StoneCo (STNE) announces that it raised the cash portion of the consideration to be paid to Linx (LINX) shareholders in connection with the definitive agreement for STNE Participacoes to merge its business with Linx. Conditioned on the approval on the Linx Extraordinary Shareholders meeting on November 17th, 2020, Stone increased the cash portion of the consideration to be paid to Linx shareholders by R$1.50 per share. As a result, each Linx share will receive cash consideration of R$33.56 plus 0.0126774 Stone Class A common shares, increasing the total consideration to R$38.06 per share, based on Stone's closing price and exchange rate as of November 16, 2020, a premium of 44.6% to Linx unaffected1 30-day VWAP. The Linx Extraordinary Shareholders meeting to vote on the transaction is scheduled to be held today at 2pm BRT .
Linx SA (ADS) trading halted, news pending 11:0211/1711/17/20
StoneCo waives certain breakup fees, increases cash portion in Linx combination » 08:4510/2910/29/20
StoneCo announces that it…
StoneCo announces that it has waived certain breakup fees and increased the cash portion of the consideration to be paid to Linx shareholders in connection with the definitive agreement for STNE Participacoes, a controlled company of Stone that holds the software investments business of the Stone group in Brazil, to merge its business with Linx. In response to the request made by Linx Independent Board Members and in order to reach the best outcome for all stakeholders, including Linx's clients, shareholders and employees, Stone and Linx have agreed on the following changes: Waiver of the R$112,500,000 breakup fee in case of non-approval at the Linx Shareholders Meeting: Stone has agreed to waive the R$112,500,000 breakup fee in the case that any of the matters being voted upon are rejected at the Linx Extraordinary Shareholders Meeting. All other fines pursuant to the Association Agreement remain unchanged. Increase in the total consideration: Conditioned upon approval of the transaction in the Linx ESM to be held on November 17, 2020, Stone has agreed to increase the cash portion of the consideration to be paid to Linx shareholders by R$0.50 per share. As a result, each Linx share will receive cash consideration of R$ 32.06 plus 0.0126774 Stone Class A common shares, increasing the total consideration to R$ 35.96, based on Stone's closing price as of October 28, 2020, a premium of 36.6% to Linx unaffected1 30-day VWAP. In addition, according to the Minutes of Linx's Board Meeting held on October 28, 2020, Linx's Independent Board Members revisited their recommendation given recent events and new information from both the Stone transaction and TOTVs proposal. Some of the elements the Independent Board Members took into consideration were the following: the impossibility of a conclusive assessment of the gains arising from the synergies of operational expenses, revenues and goodwill presented by Totvs, the impossibility to assure its complete execution, as well as the assumptions of growth in perpetuity necessary for the synergy amounts estimated by Totvs to be concretized; the absence of penalties in the Totvs proposal applicable to the cases of withdrawal by Totvs before the approval of the shareholders of both companies and/or rejection of the Totvs proposal by the Totvs' shareholders; the low amounts of the break-up fees proposed by Totvs; the higher probability of approval or approval without restrictions of the Stone Transaction by CADE or, in case of an approval with restrictions, that the restrictions in case of a Stone Transaction would be less burdensome in comparison to the Totvs proposal; the still uncertain schedule for the effectiveness of F-4 Form related to the Totvs proposal; STNE's decision to waive the partial break-up fee of BRL 112,500,000.00; STNE's decision to increase the cash portion of the consideration to be paid to Linx shareholders, as long as the Stone Transaction is approved by Linx's ESM on November 17, 2020; the Stone Transaction is based on a rationale of strategic complementarity - where the combining of financial services with software in integrated solutions will bring value to Linx's clients, which will have more options to grow their businesses; and that the comparison between the proposals in force on this date demonstrates that the Stone Transaction is still the one that best fulfills the Company's and its shareholders' interests, capturing important value with a lower level of economic, financial and legal insecurity. After evaluating the aspects above, as detailed in the Minutes of the Linx's Board Meeting, the Linx Independent Board Members, with the abstention from Linx's founders, ratified their recommendation to vote favorably for a transaction with Stone at Linx's ESM to be held on November 17, 2020. The implementation of the Transaction is conditioned upon, among other things: prior approval by the Brazilian antitrust authority; approval by the Linx shareholders at the Linx ESM, authorization for STNE to not list in the Novo Mercado, and exemption for STNE to carry out the tender offer provided for in Section 43 set forth in Linx's bylaws; approval by the STNE shareholders of the redemption of the mandatorily redeemable preferred shares granted to Linx's shareholders in exchange for cash and/or Stone Class A common shares at a shareholders meeting of STNE; the Stone BDRs shall be registered with the CVM and admitted to trading at B3 and the effectiveness by the United States Securities and Exchange Commission of Stone's registration statement on Form F-4 in respect of the Stone Class A common shares to be issued to Linx shareholders. Regarding condition, on October 5, 2020, the SEC declared Stone's Form F-4 effective
StoneCo, Linx revise terms for business combination to R$35.10 per share » 08:5609/0109/01/20
StoneCo (STNE) announces…
StoneCo (STNE) announces that it has entered into revised terms of a definitive agreement for STNE Participacoes to merge its business with Linx (LINX). On August 11, 2020, Stone announced that it has signed a definitive agreement for STNE to merge its business with Linx. On September 1st, 2020, in response to suggestions received from certain Linx shareholders, Independent Board members and founding shareholders, Stone executed the amendment to the Association Agreement and other related transaction documents. It is part of Stone culture to always act in the best interest of its clients, its team, shareholders and the overall society. The transaction with Linx represents a significant value creation opportunity for all stakeholders and will help accelerate Stone's mission of empowering Brazilian merchants of all sizes to manage their business more effectively through technology. The Amended Agreements were approved by Linx Independent Board Members after Stone's independent discussions with: Linx Independent Board Members on the terms of the Association Agreement and Linx founding shareholders on the terms of the Non-Competition and Other Covenants agreements, as well as the Executive Engagement agreement with Mr. Alberto Menache. Stone and Linx have agreed on the following changes to the terms of the transaction announced on August 11th: Increase in the total consideration: each Linx share will receive a cash consideration of R$ 31.56 plus 0.0126774 Stone Class A common shares, increasing the total consideration to R$ 35.10, based on Stone's closing price as of August 31, 2020, a premium of 47% premium to Linx unaffected 60-day VWAP. Reduction in Break-up Fee: maximum break-up fee was reduced to R$ 453.75 million and the amount to be paid by Linx in case the transaction is not approved by Linx Extraordinary Shareholders Meeting was reduced to R$112.5M .The revised terms and the Amendment to the Association Agreement were discussed with and approved by Linx Independent Board members, with the abstention of voting and participation of Linx founding shareholders. The main changes to the agreements with the founding shareholders are as follows: Amendment to the Executive Engagement Proposal with Mr. Alberto Menache: Reduction in the term of agreement to 1 year and the remuneration in shares was removed from the compensation package. Amendment to the Non-Competition Agreement and Other Covenants with Mr. Alberto Menache: Extension of the non-competition agreement to 5 years granting a total of 340,476 Stone Class A shares, 1/5 per year. Amendment to the Non-Competition Agreement and Other Covenants with Mr. Nercio Jose Monteiro Fernandes: Extension of the non-competition agreement to 5 years granting a total of 268,797 Stone Class A shares, 1/5 per year . Amendment to the Non-Competition Agreement and Other Covenants with Mr. Alon Dayan: Extension of the non-competition agreement to 5 years granting a total of 53,759 Stone Class A shares, 1/5 per year. The new terms of the agreements described above were negotiated exclusively between Stone's advisors and Linx founding shareholders, separately from the negotiation of the Amendment to the Association Agreement.
Linx S.A. downgraded to Reduce from Hold at HSBC » 06:0908/2008/20/20
HSBC analyst Christopher…
HSBC analyst Christopher Recouso downgraded Linx S.A. to Reduce from Hold with a $4 price target.
Itau unit preparing offer for Linx S.A., NeoFeed reports » 12:1408/1708/17/20
Itau's network unit…
Itau's network unit is preparing an offer for Linx S.A. and could spend more than R$7B on the company, NeoFeed's Carlos Sambrana reports. Reference Link