Change in the dissemination of M&A's by open companies

Change in the dissemination of M&A's by open companies

In February 2023, the Superintendence of Relations with Companies (SEP) of the Securities Commission (CVM) released the annual circular letter 2023, with general guidelines on the sending of periodic and eventual information by securities issuers. Among other predictions, the letter changes the minimum information that must be included in the communications issued by the publicly traded companies in relation to the processes of acquisition of companies carried out without the approval of the General Assembly, pursuant to article 256 of the Law of Corporations. The goal is to make disclosure more consistent with corporate governance practices and maximize transparency in investor relationships and the market.

Regarding the information to be disclosed when the acquisition of corporate share, the letter published this year establishes an exemplary list, in order to bring greater clarity as to the elements that should be included in the relevant fact or in the market communication, in order to to avoid divergence in the elements contained in the information disclosed by different companies to the market.

In short, the annual letter of 2023 established the companies the obligation to disclose sufficient information so that the business can be understood by the target audience of the statement, which includes, for example, the main business conditions (price and form Payment), financial information (EBITDA, Revenue, Profit etc.) and/or operational of the acquired business.

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