Brazilian Real Estate Co. Vetoes Zell Fund-Led Asset Bid

Law360, New York (February 29, 2012, 4:33 PM EST) -- Leading Brazilian real estate company Gafisa SA has rejected a preliminary offer from an investment group led by Chicago-based Equity International — billionaire Sam Zell's real estate-focused private equity fund — to purchase part of the company, Gafisa said Wednesday in a regulatory filing.

The Sao Paulo-based homebuilder confirmed Feb. 2 that it had received an offer from Equity International and Brazilian private equity firm GP Investimentos Ltd., both of which are Gafisa stakeholders. The firm then created a special committee of board members and financial...
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