Bloomberg News

Gafisa Received Preliminary Proposal for Asset Acquisition

February 03, 2012

(Adds mention to report in second paragraph, shares in third.)

Feb. 2 (Bloomberg) -- Gafisa SA, Brazil’s third-biggest homebuilder by revenue, received a preliminary proposal for asset acquisition from Sam Zell and GP Investments Ltd.

The homebuilder is assessing the offer from investors mentioned in a report from Exame magazine website, Gafisa said in a regulatory filing today. Exame reported earlier this week that Zell was in talks with GP for a partnership to buy control of Gafisa, without saying where it obtained the information.

Gafisa rose 5.4 percent to 5.32 reais at 11:43 a.m. in Sao Paulo, heading to its steepest three-day gain since May 2009. In the previous two sessions, the stock also rose after the company was said to receive a bid from an investment fund to buy all of its shares.

The homebuilder received a bid from an investment fund and the proposed deal will be announced soon, a person familiar with the matter who asked not to be identified because the talks are private said earlier this week. The person declined to identify the bidder.

Gafisa said it has no information about any public offering for the acquisition of its shares, according to the filing today.

GP declined to comment, according to an e-mailed statement sent by an external press officer in Rio de Janeiro. Equity International didn’t immediately return telephone calls from Bloomberg before regular business hours in Chicago.

Zell, through Equity International, sold his remaining stake in Gafisa after previously owning as much as 23 percent of the Sao Paulo-based homebuilder, according to an August statement.

--With assistance from Francisco Marcelino in Sao Paulo. Editor: Katerina Petroff

To contact the reporter on this story: Telma Marotto in Sao Paulo at tmarotto1@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net


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