Renato Azevedo’s Latache Manager, which specializes in assets in stressful situations, is trying to acquire control of Oncoclinicos (), according to Broadcast, the Estado Real -Time news system. In December last year, he made a proposal to get a 20.76% share that Goldman Sachs has in the health company and, if successful, would make an offer for 19.90% of Banco Master. With its current 10.19% stake, Latache would reach close to 51%.
Wanted, Latache, Master and Goldman Sachs did not comment.
The acquisition proposal, according to people along with negotiations, was rejected by Goldman Sachs.
At the time, it represented a goodwill of more than 70%, considering that the offer was made at R $ 4.30, and the shares were being negotiated at R $ 2.50 over December.
The offer also provided for a prize on the valorization of actions in the future, given the thesis that Oncoclinician actions would go up under a new command and with a controlling group. The manager even tried to go to the bank’s headquarters in New York to seek an agreement.
With the refusal of Goldman Sachs, Latache began acquiring shares on the market this year and did not give up reaching a larger share of participation.
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Oncoclinicas status has a Poison Pill clause, which requires the opening of a public supply of acquisitions of all shares (OPA) for shareholders exceeding 15% of participation.
People who follow the case claim that Latache is willing to make the OPA if she can buy stakes from other partners.
The arrival of Banco Master at OncoClínicas took place last year, through a capitalization of R $ 1.5 billion, anchored by the bank and Bruno Ferrari, doctor and founder of Oncoclínicas in 2010.
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The capital increase was performed at R $ 13.00 per share. In this operation Poison Pill was not triggered because it is a capital increase.
Alternative
Goldman Sachs set out for another solution to detach from Oncoclinicas. The Broadcast column reported that Goldman is trying to structure an operation in the derivative market to dismiss their name from society, called in the “Total Return Swap” market.
In this operation, another investor buys the action of Oncoclínicas and makes a Swap contract with Goldman.
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This buying bank is named among the company’s partners, but the American bank is still exposed to paper oscillations. The operation is done for a fixed period, but can be renewed periodically.
Goldman first invested in the company in 2015, had 60% of Oncoclinicas, but saw its participation be diluted after not participating in two capital increases of the company.
In addition to the capitalization of R $ 1.5 billion anchored by Banco Master and Bruno Ferrari, OnCoclínicas performed in 2023 a subsequent offer (follow-on) on the stock market, raising R $ 900 million, at the time with the action at R $ 10.25.
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Both capital increases came with the intention of adjusting the capital structure of Oncoclinicas, affected by adversities that reach the health segment, amid the digestion of a series of acquisitions made to expand.
Oncoclinicas opened capital in August 2021, one of the last companies that managed to access the market before the closing that lasts to this day.
The offer moved R $ 3.6 billion, with the action at R $ 19.75, below the floor of the proposed track. Last Friday, the paper closed at $ 5.29.
In the results, Oncoclinicas dropped 81.5% in net income in the first three quarters from 2024 to R $ 41.8 million. Financial net debt was $ 3.3 billion at the end of September.
