Banco do Brasil CEO Medeiros Defends Offer to Take Cielo Private.

BANCO do Brasil; BANCO Bradesco SA; BANK of America Corp.; MINORITY stockholders; CHIEF executive officers

Banco do Brasil CEO Tarciana Medeiros is defending the bank's offer to take payments company Cielo private. The bank, along with Banco Bradesco, is offering 5.86 billion reais ($1.2 billion) for Cielo, based on a Bank of America report. Minority shareholders have questioned the price, arguing that the fair value for Cielo is higher. Medeiros stated that Banco do Brasil is open to seeking another partner if shareholders insist on a higher price. [Extracted from the article]

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