Gradiente prepares to go private amid uncertain future
Gradiente unveiled the intention to go private by acquiring shares from minority shareholders. The transaction is a step for IGB Electronics to exit the judicial reorganization that has been dragging on since 2018. With no prospect of resuming electronics production, the company still hopes being able to license the Gradiente brand for use by third parties, but there is no plan in place at the moment to implement this possibility.Gradiente was one of the largest electronics companies in Brazil in the 1970s. Today, however, IGB is a non-operational company, and revenues come from leasing its factories in the Manaus Free Trade Zone.Last Friday, the controlling shareholders of IGB Electronics launched an offer to pay R$40.51 per IGB share. The financial volume totaled more than R$1.7 million, compared with R$31,000 on Friday. The amount offered implies a 55% premium over the previous closing price.The process of going private was already planned in its judicial reorganization approved by a court from Amazonas in 2019, said a source linked to the company, who spoke on condition of anonymity. "Today IGB is a security with derisory volume of trade, and having public float hinders the ability to leave the judicial reorganization," the source added.The offer was launched by controlling shareholder HAG Holding, a company created in 2008 to encompass the assets of Gradiente, which has Eugenio Emilio Staub as the only partner. The funds to buy the shares will be disbursed by Mr. Staub himself, the source said.In 2021, IGB Electronics posted a net loss of R$54.1 million, a 36.1% reduction in losses compared to the previous year. Net revenue totaled R$5.5 million, up 5% compared to 2020."The main reason for going private is to reduce costs. Today, keeping the company public costs about R$1.5 million per year. In addition, this will eliminate speculation involving the securities," the source said. IGB has about 850 minority shareholders, of which 761 have less than 1,000 shares.A case of constant speculation involving IGB stock is the lawsuit the company is filing against Apple for the use of the iPhone trademark. In progress for more than 10 years, an appeal filed by the company is currently on hold at the Federal Supreme Court (STF) awaiting trial.After successive defeats in court, last July, Prosecutor-General of the Republic Augusto Aras gave an opinion against IGB’s request...
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