SAO PAULO (Reuters) - Shares of Brazilian logistics company LLX LLXL3.SA plunged more than 10 percent in early trading Thursday, a day after controlling shareholder Eike Batista canceled plans to buy back LLX shares and delist the company.
Bank of America Merrill Lynch, which was approved by LLX shareholders last month to provide an independent share price valuation, valued the shares at 6.94 to 7.63 reais each, more than double the 3.30 reais ($1.63) that Batista, Brazil's richest man, had proposed to pay.
At 10:24 a.m., LLX shares were down 10.4 percent to 2.83 reais.
($1 = 2.02 Brazilian reais)
Reporting by Asher Levine; editing by John Wallace