The Moreira Salles family, owners of holding firm Cambuhy and investment fund Alpa, have launched a bid to increase their stake in Alpargatas, the company that owns the famous Havaianas brand.
Currently, the family already holds a 28% stake in Alpargatas.
Other major shareholders in the company include Itausa SA and Silvio Tini.
The announcement of the bid caused Alpargatas’ shares to surge by 17%, marking their second largest daily rise in the past two years.
Analysts at JPMorgan praised the move, stating that it is a positive step by a long-term shareholder to increase its stake at a premium.
Despite the insider buying at a premium, JPMorgan analysts believe it is a good exit point for other shareholders as well..
