Cosan commences tender offer to repurchase up to $357.5M in common shares.
Cosan has commenced a tender offer to purchase up to $357.5M of its Class A common shares, or the shares, at prices specified by the tendering shareholders of not greater than $14.10 nor less than $12.00 per share or at the purchase price determined in accordance with the tender offer. The NYSE closing price of the shares on August 27 was $12.82 per share. All shares purchased in the tender offer will be purchased at the same price. All shares tendered at prices higher than the purchase price will be promptly returned to shareholders. If the tender offer is fully subscribed, Cosan would repurchase between 18.7% and 22.0% of its issued and outstanding shares as of August 28, depending on the purchase price payable in the tender offer. The tender offer will expire at 11:59 p.m., NYC time, on September 25, unless extended by Cosan. Cosan will use a portion of its cash and investments to fund the tender offer.