Amec submits letter to CVM questioning the amount of waivers granted by the regulator in Tender Offers

In the beginning of October, the Brazilian Association of Capital Market Investors – Amec – sent to the Brazilian Securities and Exchange Commission – CVM – the President Letter 14/2014, in which the association claims that some recent decisions taken by the regulatory agency referring to public tender offers (OPAs) have been damaging the objectives of the Instruction No. 361/2002, which regulates these operations.
In the opinion of Amec’s members, some aspects considered as exceptions by the instruction that regulates tender offers have been becoming the rule, among which the waiver granted by the regulator to companies by extending the deadlines for the recovery of outstanding shares and the unification of tender offers.
In the letter, Amec questions CVM about the need of being more rigorous when it comes to the granting of waivers to the market, considering that the fact has taken place in several operations.
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