A shareholder in Multiplan’s controlling block, the Canadian pension fund Ontario Teachers sold 8.85% of its shares in the company at the opening of trading this Tuesday – around a third of the position, 27.4%.
After the auction, the share fell almost 5%, with investors intrigued by the timing of the fund’s first partial sale. The block was made at the lowest price for the paper in just over a year, costing R$ 22.75 with the discount on the canvas given the volume of shares. A lower price had only been registered in March 2023, at R$22.41.
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The auction carried out by the Canadian pension fund raised R$1.2 billion and was carried out via a Goldman Sachs broker. With the operation, Ontario reached the limit of what it can sell on the stock exchange. The other 18.52% of its position can now only be sold to a single buyer, giving preference to the other shareholder in the controlling block, founder José Isaac Peres, according to the shareholders’ agreement.
Signed in 2007 and made available by the company to investors since the IPO, that same year, the agreement then created by the law firms Leoni Siqueira Advogados and Gouvêa Vieira, alongside Peres, and Tozzini Freire, on behalf of Ontario, is valid for 30 years – therefore, until 2037.
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If Peres is not interested in an eventual purchase of this remaining slice, whoever buys it is obliged to be a signatory to the agreement with the businessman – a design by the company’s founder to avoid the pulverization of shares and guarantee his maintenance in control of the business he created in 1974 .
Ontario’s position, which is subject to possible private negotiation, currently amounts to R$2.5 billion.
