M&A and private equity
CVM Resolution 215 changes the rule on public tender offer, bringing innovations in relation to the Tender Offer for increase of participation.
CVM releases CVM Resolution 204, which implements changes in the rules on shareholders' meetings. The resolution enters into force on 2 January 2025.
Bill 2,925/23 is considered one of the main changes to the Brazilian Corporations Law since Law 10,303/01 and also amends Law 6,385/76.
CVM publishes an official letter with answers to 84 questions from market participants.
Case concerned the untimely disclosure of material fact about negotiations between shareholders in a corporate merger.
Decision of STJ reveals that the limitation of liability is not absolute.
CVM Resolution 166 releases the use of the Empresas.NET and Fundos.NET systems to disclose information.
The analysis of the four settlements shows that the negotiation of a proposal with the CVM must consider the specific circumstances of the investigated conduct and the general circumstances of all cases, regardless of the infraction.
Self-regulation for fixed income and equity funds is already in place and must be implemented by July 3rd.
The reporting is mandatory to those holding assets abroad amounting to or exceeding the equivalent of 1 million USD on December 31, 2021.
In these cases, the major concern is not with the post-acquisition phase but with the period that precedes the transaction. This is mainly due to these companies' delicate economic and financial situation and its likely deterioration.
General Data Protection Law is a point of attention for transactions in the sector. Due diligence processes aimed at confirming compliance with the law are increasingly frequent.
