StoneCo (STNE) received multiple nonbinding acquisition proposals for Linx but the offers were below the price it paid for the software platform in 2020, Reuters reported Wednesday, citing three people familiar with the negotiations.
Six of 20 potential bidders that agreed to non-disclosure terms to access sale information have submitted nonbinding offers, two of the people reportedly said.
Brazilian company Totvs and Canada's Constellation Software are among potential bidders, Reuters reported, citing the sources.
StoneCo would likely not consider selling its software unit for less than 5 billion Brazilian reais ($841.8 million), a source told Reuters, after buying Linx for 6.7 billion reais in 2020. The company has so far received offers that were more than 50% lower than what it paid for Linx in 2020, another source told Reuters.
StoneCo, Linx, Totvs and Constellation Software did not immediately respond to MT Newswires' requests for comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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