{"id":1009157,"date":"2026-10-29T17:52:52","date_gmt":"2026-10-29T20:52:52","guid":{"rendered":"https:\/\/souzaokawa.com.br\/cvm-board-orders-oncoclinicas-bylaw-mandated-tender-offer\/"},"modified":"2026-11-03T12:52:33","modified_gmt":"2026-11-03T15:52:33","slug":"cvm-board-orders-oncoclinicas-bylaw-mandated-tender-offer","status":"publish","type":"post","link":"https:\/\/souzaokawa.com.br\/en\/cvm-board-orders-oncoclinicas-bylaw-mandated-tender-offer\/","title":{"rendered":"CVM Board orders Oncocl\u00ednicas bylaw-mandated tender offer"},"content":{"rendered":"\t\t
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The Board of Commissioners of the Brazilian Securities and Exchange Commission (\u201cCVM\u201d), at a meeting held on August 25, 2026, unanimously decided, in CVM Administrative Proceeding No. 19957.003474\/2025-07 (\u201cProceeding\u201d), to uphold the appeals filed by Latache Gest\u00e3o de Recursos Ltda. (\u201cLatache\u201d) and by an individual shareholder, reversing the position of the CVM\u2019s Registration Superintendence (\u201cSRE\u201d) and ordering Josephina III Fundo de Investimento em Participa\u00e7\u00f5es (\u201cJosephina III\u201d), an investment vehicle of the U.S. asset manager Centaurus Capital LP (\u201cCentaurus\u201d), to launch a tender offer for the acquisition of shares (\u201cTender Offer\u201d) issued by Oncocl\u00ednicas do Brasil Servi\u00e7os M\u00e9dicos S.A. (\u201cOncocl\u00ednicas\u201d or \u201cCompany\u201d). \u00b9<\/p>

The obligation arises from the shareholder dispersion protection clause (poison pill) set forth in Article 39 of the Company\u2019s bylaws (\u201cBylaws\u201d)\u00b2 , which requires any person who becomes the holder of shares or rights over shares representing 15% or more of the capital stock to launch a Tender Offer.<\/p>

The decision was rendered by Chairman Otto Lobo and Commissioners Igor Muniz and Jo\u00e3o Accioly, with Commissioner Marina Copola having declared herself recused.<\/p>

Although the Board recognized that the Tender Offer was required, the effects of the decision were subsequently suspended, on a provisional basis, by a preliminary injunction granted by the Federal Court on October 23, 2026, as detailed below. \u00b3<\/p>

The main aspects of the decision are summarized below.<\/p>

1.Background of the Case<\/strong><\/p>

Centaurus had been an indirect investor in Oncocl\u00ednicas since 2017, as a co-investor in a structure organized as an exempted limited partnership in the Cayman Islands, whose general partner was a Goldman Sachs group entity.\u2074 At the time of the Company\u2019s initial public offering, in August 2021, the Reference Form attributed ownership of the stake entirely to the general partner, without identifying Centaurus. \u2075<\/p>

On November 4, 2024, a reorganization of the investment vehicles was implemented (\u201cReorganization\u201d), as a result of which Josephina III came to directly hold 104,583,970 shares, representing approximately 16.05% of Oncocl\u00ednicas\u2019 capital stock, as an investment vehicle exclusively linked to Centaurus\u2076. According to press reports, the Reorganization was related to Goldman Sachs\u2019 need to divest under U.S. banking regulations (Volcker Rule). \u2077<\/p>

Latache, holder of approximately 14.5% of the Company\u2019s capital stock, argued that the Reorganization triggered the poison pill. Centaurus, in turn, argued that it had held a relevant position since before the initial public offering, such that the exemptions set forth in the Bylaws would apply.<\/p>

2.The Bylaw Provision<\/strong><\/p>

Article 39, caput, of the Bylaws provides that any person who acquires or otherwise becomes the holder of shares or rights over shares issued by the Company in an amount equal to or greater than 15% of the total shares must launch a Tender Offer for all shares within 60 days from the date of the acquisition or of the event that resulted in such stake.<\/p>

Paragraph 1 of the same provision establishes that the acquisition price per share in the Tender Offer may not be lower than the highest amount determined under the criteria set forth therein, including the fair value of the shares, determined by means of an independent appraisal report, and 120% of the highest unit trading price recorded in the 12 months preceding the launch of the offer.<\/p>

The Bylaws also provide for exemptions from the Tender Offer, two of which were central to the debate: (i) Paragraph 7, item II: corporate reorganization carried out within the same economic group ; and (ii) Paragraph 8: shareholders who, on the date of publication of the launch announcement of the Company\u2019s initial public offering, already held a stake equal to or greater than 15% of the capital stock\u2079.<\/p>

3. The Technical Area\u2019s Position<\/strong><\/p>

In Technical Opinion No. 20\/2026-CVM\/SRE\/GER-1, dated June 30, 2026, the SRE concluded that the Tender Offer was not required, on the understanding that the Reorganization fell within the exemption of Paragraph 8 of Article 39, considering Centaurus\u2019 \u201cqualified economic exposure\u201d to the Company prior to the initial public offering, as evidenced by confidential contractual instruments. The SRE, however, rejected the application of the exemption under Paragraph 7, item II, on the grounds that the co-investment contractual relationship does not constitute an economic group.\u00b9\u2070<\/p>

4. The Board\u2019s Decision<\/strong><\/p>

4.1.CVM\u2019s Authority<\/strong><\/p>

The Board recognized its authority to assess whether a Tender Offer based solely on a bylaw provision is required, even though such offer is not mandatory by law and the Bylaws contain an arbitration clause. \u00b9\u00b9<\/p>

The votes relied on Articles 8, items I, III and V, 19 and 21 of Law No. 6,385 of December 7, 1976 (\u201cLaw 6,385\u201d), on Articles 4 and 5 of CVM Resolution No. 215 of October 29, 2024 (\u201cCVM Resolution 215\u201d), which subjects every tender offer, whether mandatory or voluntary, to the general regime of the rule, and on the CVM\u2019s precedents, notably the Mittal case (CVM Proceeding RJ2006\/6209)\u00b9\u00b2.<\/p>

4.2.Ownership vs. Economic Exposure (Paragraph 8 of the Bylaws Not Applicable)<\/strong><\/p>

The Board held that Centaurus\u2019 position prior to the initial public offering amounted to mere indirect economic exposure, rather than ownership of shares or rights over shares, since voting and disposal rights remained with the general partner. Accordingly, the exemption under Paragraph 8 would not apply. The Board further stressed that bylaw exemptions must be construed restrictively and in accordance with the objective meaning that a diligent investor, relying on public information, would ascribe to the clause, pursuant to Articles 112 and 113 of the Brazilian Civil Code, and that private agreements entered into abroad and not disclosed cannot be enforced against the Company or the market.<\/p>

4.3.No Economic Group (Paragraph 7, Item II of the Bylaws Not Applicable)<\/strong><\/p>

The Board agreed with the SRE that the exemption under Paragraph 7, item II, did not apply, concluding that the term \u201ceconomic group\u201d presupposes common control or a parent-subsidiary relationship, which did not exist between Centaurus and Goldman Sachs, as they were distinct economic agents brought together in a co-investment.<\/p>

4.4.Triggering Event and Survival of the Obligation<\/strong><\/p>

A data de 4 de novembro de 2024, correspondente \u00e0 Reorganiza\u00e7\u00e3o, foi fixada como fato gerador da obriga\u00e7\u00e3o.<\/p>

November 4, 2024, the date of the Reorganization, was established as the triggering event of the obligation. The Board also held that the subsequent reduction of the stake to below 15% does not extinguish the obligation already incurred.<\/p>

4.5.Orders<\/strong><\/p>

As a result of the decision, the Board ordered that:<\/p>

i. the Tender Offer be launched within 60 days from the decision, in compliance with CVM Resolution 215, subject to a daily coercive fine under Article 11, Paragraph 11, of Law 6,385;<\/p>

ii. the price be calculated in accordance with Article 39, Paragraph 1, of the Bylaws, based on the date of the triggering event, and adjusted by the SELIC rate until the settlement of the Tender Offer; and<\/p>

iii. shareholders qualified up to the day before the auction be deemed beneficiaries, pursuant to Article 25, Paragraph 1, of CVM Resolution 215.<\/p>

The assessment of Goldman Sachs\u2019 potential joint and several liability was reserved for future deliberation, without prejudice to the enforceability of the Tender Offer, as were potential disclosure issues related to the Company\u2019s initial public offering, to be investigated in separate proceedings.<\/p>

5. Subsequent Developments<\/strong><\/p>

On August 21, 2026, prior to the CVM Board\u2019s decision, Josephina III commenced arbitration proceedings before B3\u2019s Market Arbitration Chamber (\u201cCAM\u201d), registered under No. 332\/26, against shareholder funds managed by Latache, seeking a declaration that the bylaw-mandated Tender Offer is not required. Josephina III further argued that the CAM would have exclusive jurisdiction to resolve the corporate dispute, based on the arbitration clause in the Company\u2019s Bylaws.\u00b9\u00b3<\/p>

On October 13, 2026, Josephina III filed a lawsuit before the 21st Federal Civil Court of S\u00e3o Paulo seeking the annulment of the Board\u2019s decision, arguing that (i) the CVM lacked authority to order the Tender Offer, a matter that would fall to the arbitral tribunal; (ii) Centaurus, identified as the acquirer, had not been formally summoned in the administrative proceeding; and (iii) the price parameters and the offer\u2019s beneficiaries were defined without a specific opportunity to be heard. In the lawsuit, the fund argued that, according to market estimates, the value of the offer could exceed R$ 14 billion.\u00b9\u2074<\/p>

On October 23, 2026, the day before the end of the 60-day period set by the CVM, the 21st Federal Civil Court of S\u00e3o Paulo granted a preliminary injunction requested by Josephina III, suspending the effects of the Board\u2019s decision and ordering the CVM to refrain from requiring the Tender Offer or imposing coercive fines while the injunction remains in force, having recognized, on a summary review, the existence of a relevant controversy regarding the CVM\u2019s authority and compliance with due process and the right of defense in the administrative proceeding, as well as the divergences among the Commissioners\u2019 votes regarding the parties responsible for the offer, the beneficiary shareholders and the price adjustment criterion.\u00b9\u2075<\/p>

The injunction neither annuls the CVM\u2019s decision nor rules on the merits of the obligation. It applies exclusively to Josephina III, provisionally exempting it from engaging an intermediary institution, submitting the Tender Offer registration documents and providing guarantees, and does not prevent the Company\u2019s shareholders\u2019 meetings from being held. The court also ordered that Centaurus be served and that the CVM be summoned to respond.<\/p>

Latache and the Brazilian Association of Investment, Credit and Consumer Finance (\u201cABRAICC\u201d) argue that the court lacks jurisdiction, given a public civil action previously filed by ABRAICC on the same dispute, pending before the Federal Court of Bras\u00edlia, a request that has yet to be decided.\u00b9\u2076<\/p>

In parallel, at the request of funds managed by Latache, the Board of Directors of Oncocl\u00ednicas called an Extraordinary Shareholders\u2019 Meeting for November 3, 2026, to resolve on the suspension of Josephina III\u2019s voting rights due to its failure to comply with the obligation to launch the Tender Offer, based on the Bylaws and on Article 120 of Law No. 6,404 of December 15, 1976, which authorizes the shareholders\u2019 meeting to suspend the exercise of the rights of a shareholder who fails to comply with an obligation imposed by law or by the bylaws.\u00b9\u2077<\/p>

The Board of Directors stated that it has not expressed any view on the merits of the matter, and the shareholder concerned will not be entitled to vote on this resolution.\u00b9\u2078<\/p>

6. Relevance of the Decision<\/strong><\/p>

The decision is an important precedent on the interpretation of poison pill clauses, as it reinforces (i) the CVM\u2019s authority to assess whether bylaw-mandated tender offers are required; (ii) the distinction between share ownership and mere indirect economic exposure; and (iii) the restrictive interpretation of exemptions, in light of the information publicly disclosed to the market. Publicly held companies and investors are advised to revisit the shareholder dispersion protection clauses in their bylaws and their indirect investment structures, including with respect to the proper disclosure of relevant stakes.<\/p>

The Capital Markets team at SouzaOkawa Advogados remains available to assist in assessing the impacts of the decision and in monitoring the developments of the case.<\/p>

\u00b9CVM. Board Decision of August 25, 2026. CVM Administrative Proceeding No. 19957.003474\/2025-07. Available at: https:\/\/conteudo.cvm.gov.br\/decisoes\/2026\/20260825_R1\/20260825_D3540.html. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b2\u201cArticle 39 \u2013 Any Acquirer (as defined below) who acquires, subscribes for or otherwise becomes the holder of shares or rights over shares issued by the Company in an amount equal to or greater than 15% (fifteen percent) of the total shares issued by the Company (\u201cRelevant Shareholding Interest\u201d) shall, within a maximum period of 60 (sixty) days from the date of acquisition or of the event that resulted in such Relevant Shareholding Interest, launch a tender offer for all of the shares issued by the Company, in compliance with the applicable CVM regulations, notably CVM Instruction No. 361 of March 5, 2002, as amended (\u201cCVM Instruction 361\u201d), the B3 regulations and the terms of this Article, provided that, in the case of a tender offer subject to registration, the 60 (sixty)-day period referred to above shall be deemed complied with if such registration is requested within such period.\u201d (free translation).<\/em><\/span><\/h6>
\u00b3Oncocl\u00ednicas. Notice to the Market. S\u00e3o Paulo, Oct. 27, 2026. Available at: Document published by the CVM. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u2074CVM. Board Decision of August 25, 2026. CVM Administrative Proceeding No. 19957.003474\/2025-07. Available at: https:\/\/conteudo.cvm.gov.br\/decisoes\/2026\/20260825_R1\/20260825_D3540.html. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u2075Oncocl\u00ednicas. Reference Form \u2013 2021. Items 15.1\/15.2 \u2014 Shareholding Position. In: Final Prospectus of the Initial Public Offering of Common Shares. 2021. Available at: https:\/\/ofertaspublicas.xpi.com.br\/wp-content\/uploads\/sites\/10\/2023\/04\/ONCO_Prospecto_Definitivo_2021.08.09.pdf. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u2076CVM. Appeal against the SRE\u2019s position on the non-applicability of the bylaw-mandated tender offer at Oncocl\u00ednicas do Brasil Servi\u00e7os M\u00e9dicos S.A. CVM Administrative Proceeding No. 19957.003474\/2025-07. Board Decision of August 25, 2026. Available at: https:\/\/conteudo.cvm.gov.br\/decisoes\/2026\/20260825_R1\/20260825_D3540.html. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u2077DI\u00c1RIO DO COM\u00c9RCIO. CVM aprova OPA da Oncocl\u00ednicas [CVM approves Oncocl\u00ednicas tender offer]. Content distributed by Folhapress, Aug. 2026. Available at: https:\/\/diariodocomercio.com.br\/negocios\/cvm-aprova-opa-oncoclinicas\/. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u2078Article 39, Paragraph 7, item II, of the Bylaws: \u201ccorporate reorganization within the economic group, including, without limitation, the assignment and\/or transfer of shares issued by the Company between parent and subsidiary companies or companies under common control\u201d (free translation).<\/em><\/span><\/h6>
\u2079Article 39, Paragraph 8, of the Bylaws: \u201cThe provisions of this Article shall not apply to those shareholders who, on the date of publication of the launch announcement of the initial public offering of the Company\u2019s shares, hold a Relevant Shareholding Interest.\u201d (free translation).<\/em><\/span><\/h6>
\u00b9\u2070CVM. Technical Opinion No. 20\/2026-CVM\/SRE\/GER-1, dated June 30, 2026. CVM Administrative Proceeding No. 19957.003474\/2025-07. Referenced in the Board Decision of August 25, 2026. Available at: https:\/\/conteudo.cvm.gov.br\/decisoes\/2026\/20260825_R1\/20260825_D3540.html. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u00b9CVM. Statement of vote of Chairman Marcelo Fernandez Trindade. CVM Administrative Proceeding RJ2006\/6209, Sept. 25, 2006. Available at: https:\/\/conteudo.cvm.gov.br\/export\/sites\/cvm\/decisoes\/anexos\/0003\/5256-1.pdf. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00a0<\/h6>
\u00b9\u00b2CVM. Appeal against SEP decision \u2014 Mittal Steel Company N.V. CVM Administrative Proceeding RJ2006\/6209. Board Decision of September 25, 2006. Available at: https:\/\/conteudo.cvm.gov.br\/decisoes\/2006\/20060925_R1\/20060925_D01.html. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u00b3Oncocl\u00ednicas. Notice to the Market \u2013 Commencement of Arbitration Proceedings \u2013 Tender Offer. Sept. 11, 2026. Document disclosed through the CVM\u2019s Empresas.NET System. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u2074BARBOSA, Mariana. Centaurus diz que decis\u00e3o da CVM sobre OPA da Oncocl\u00ednicas \u00e9 inexequ\u00edvel [Centaurus says CVM decision on Oncocl\u00ednicas tender offer is unenforceable]. UOL, Oct. 22, 2026. Available at: https:\/\/economia.uol.com.br\/colunas\/mariana-barbosa\/2026\/10\/22\/centaurus-diz-que-decisao-da-cvm-sobre-opa-da-oncoclinicas-e-inexequivel.htm. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u2075AG\u00caNCIA O GLOBO. Caso Oncocl\u00ednicas: fundo obt\u00e9m liminar para n\u00e3o realizar OPA [Oncocl\u00ednicas case: fund obtains injunction exempting it from the tender offer]. InfoMoney, Oct. 24, 2026. Available at: https:\/\/www.infomoney.com.br\/mercados\/caso-oncoclinicas-fundo-obtem-liminar-para-nao-realizar-opa\/. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u2076DI\u00c1RIO DO POVO. Justi\u00e7a suspende exig\u00eancia de OPA para a Oncocl\u00ednicas [Court suspends tender offer requirement for Oncocl\u00ednicas]. Oct. 24, 2026. Available at: https:\/\/diario.dopovo.com.br\/2026\/10\/24\/justica-suspende-exigencia-de-opa-para-a-oncoclinicas\/. Accessed on: Oct. 28, 2026.<\/em><\/span><\/h6>
\u00b9\u2077Oncocl\u00ednicas. Management Proposal for the Extraordinary Shareholders\u2019 Meeting of November 3, 2026. Sept. 30, 2026. Document filed with the Brazilian Securities and Exchange Commission.<\/em><\/span><\/h6>
\u00b9\u2078Oncocl\u00ednicas. Material Fact: call of an Extraordinary Shareholders\u2019 Meeting to resolve on the suspension of shareholder rights. S\u00e3o Paulo, Sept. 24, 2026. Available at: https:\/\/www.rad.cvm.gov.br\/ENETCONSULTA\/frmDownloadDocumento.aspx?CodigoInstituicao=1&Tela=99&descTipo=IPE&numProtocolo=1571045&numSequencia=1095751&numVersao=1. Accessed on: Oct. 28, 2026.
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The Board of Commissioners of the Brazilian Securities and Exchange Commission (\u201cCVM\u201d), at a meeting held on August 25, 2026, unanimously decided, in CVM Administrative Proceeding No. 19957.003474\/2025-07 (\u201cProceeding\u201d), to uphold the appeals filed by Latache Gest\u00e3o de Recursos Ltda. (\u201cLatache\u201d) and by an individual shareholder, reversing the position of the CVM\u2019s Registration Superintendence (\u201cSRE\u201d)…<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[538],"tags":[2049,2038,1278,2042,2015,964,2041,2046,2045,2048,2043,2040,2039,2047,2044],"area":[536],"class_list":["post-1009157","post","type-post","status-publish","format-standard","hentry","category-articles","tag-b3-market-arbitration-chamber","tag-bylaw-mandated-tender-offer","tag-capital-market","tag-centaurus","tag-corporate-reorganization","tag-cvm-en","tag-cvm-board","tag-cvm-resolution-215","tag-dispersed-ownership-protection","tag-indirect-economic-exposure","tag-josephina-iii","tag-oncoclinicas","tag-poison-pill","tag-significant-shareholding","tag-tender-offer","area-capital-markets-investment-funds-and-financing"],"acf":[],"yoast_head":"\nCVM Board orders Oncocl\u00ednicas bylaw-mandated tender offer - SouzaOkawa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/souzaokawa.com.br\/en\/cvm-board-orders-oncoclinicas-bylaw-mandated-tender-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CVM Board orders Oncocl\u00ednicas bylaw-mandated tender offer - SouzaOkawa\" \/>\n<meta property=\"og:description\" content=\"The Board of Commissioners of the Brazilian Securities and Exchange Commission (\u201cCVM\u201d), at a meeting held on August 25, 2026, unanimously decided, in CVM Administrative Proceeding No. 19957.003474\/2025-07 (\u201cProceeding\u201d), to uphold the appeals filed by Latache Gest\u00e3o de Recursos Ltda. 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