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General Atlantic increases bid for Arco Platform to $13.00 per share in cash
The Fly

General Atlantic increases bid for Arco Platform to $13.00 per share in cash

In a regulatory filing, it was disclosed that on April 30, following price negotiations between the financial advisor to the special committee of the board of directors of Arco Platform, General Atlantic L.P. and Dragoneer Investment Group, the bidding group sent a revised non-binding proposal to the special committee increasing the price per share that the bidders are proposing to pay for all Class A common shares not beneficially owned by the bidding group to $13.00 per share in cash. "Based on recent discussions among the special committee, the bidders and their advisors, the special committee has agreed to negotiate definitive agreements. No assurance can be made that a transaction will be consummated on the terms set forth in the revised proposal letter, or at all, and the bidders’ new proposed transaction remains subject to completion of confirmatory due diligence, execution of definitive documentation and other customary conditions. The founders have not participated or been engaged in any discussions related to the purchase price proposed by the bidders, nor have the founders provided any input or expressed any opinion regarding any price," the filing stated.

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