November 27, 2018 / 1:08 PM / a year ago

Brazil restaurant operator to propose takeover protection rules

SAO PAULO, Nov 27 (Reuters) - Brazilian restaurant operator International Meal Company Alimentação SA said in a securities filing on Tuesday that it will call a shareholder meeting to consider adding takeover protection to its bylaws.

Shareholders who own a combined 18.31 percent stake in IMC, as the company is known, sent a letter to the company proposing that any investor offer to acquire a stake of 30 percent or more should be extended to all shareholders.

Earlier in November, IMC said it had received a letter from holding company Abanzai Representaçoes saying it planned to buy up to 42 percent of the company for 8.63 reais per share in an auction on Dec. 19.

Shares in IMC were up 0.74 percent in morning trading. (Reporting by Alberto Alerigi; Writing by Carolina Mandl; Editing by Bernadette Baum)

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