Brazil mall operator BR Malls rejects offer to merge with Aliansce Sonae
SAO PAULO, March 17 (Reuters) - Brazilian mall operator BR Malls rejected a new offer to combine with rival Aliansce Sonae, the company said on Thursday.
The offer, which is the second rejected by BR Malls this year, "continues to underestimate considerably the company's fair economic value and that of its asset portfolio," it said in a securities filing.
On Wednesday, Aliansce Sonae raised its cash payment offer by 500 million reais ($98.53 million) to 1.85 billion reais and said it would give 51.08% of the combined company to BR Malls shareholders, from 50% previously announced. (Reporting by Peter Frontini Editing by Chris Reese)
