Market Radar: Multiplus (MPLU3) - Controller Demonstrates Interest In Close Capital

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Multiplus announced yesterday (04) to its shareholders and to the market in general that it received, on the same date, a correspondence from TAM Linhas Aéreas, addressed to the Board of Directors and Executive Board of the company, stating that it does not intend to extend or renew the agreement operational agreement signed between the parties, and that it intends to carry out a Public Tender Offer for the purpose of canceling the registration of a publicly-held company and leaving the Novo Mercado. In the same communication, the company informed that it will keep the market and its shareholders informed on the subject matter of this material fact, and that such "material fact is exclusively informative in nature and does not constitute an offer to acquire securities." Regarding the above statement made by Multiplus, it is appropriate to add that TAM has stated that it will make a public offer at the price of R $ 27.22 per share to purchase the shares held by minority shareholders of the loyalty program company. This means that TAM plans to withdraw its purse-loyalty program, which could be understood as a first step in merging the two companies. The aforementioned bid price is the average of the last 90 trading sessions (volume weighted), and a premium of 11.6% on yesterday's closing (R $ 24.40). However, TAM also reserved the right to withdraw from making the offer "at any time and regardless of what is determined by the award", suggesting that it may cancel the offer if, for example, market conditions deteriorate . Such report refers to the independent appraisal report, required by law, which must be prepared by Credit Suisse, contracted by Latam for such elaboration. In addition, in one of the excerpts from its statement on such an offer, TAM argued that "in recent times, the market for loyalty programs where the company performs its activities has faced constant challenges, which in turn require increasing efforts to maintain the company's competitiveness vis-à-vis its competitors. " The airline also added that "limitations stemming not only from the contractual relationship between the two companies but also from their segregated operating and corporate structures have proven to be an obstacle to the company's ability to react quickly and efficiently to market changes, contributed to its loss of market share. " Although it was somewhat disagreeable news for Multiplus's minority shareholder - a year ago the price of its MPLU3 shares was at the level of R $ 40.00 - there is still a certain "cloudiness" about such a decision taken by part of the company's parent company (TAM). We will contact the IR of the company in order to better understand this operation.

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