Alpargatas S.A. (BOVESPA:ALPA4) disclosed that its controlling shareholders' group has launched a tender offer to acquire more shares in the company. The investment vehicle, MS Alpa Participacoes Ltda, is seeking to acquire 32 million shares from the free float at BRL 10.50, which represents a premium of 17.2% to the target company's closing price on May 19 or 26.0% for the 90-day time period prior to the announcement of the offer. Shares in Alpargatas last traded 1.24% lower at BRL 10.39.

The company's market capitalisation stands at about BRL 7 billion (USD 1.40 billion/EUR 1.29 billion). The controlling shareholders have launched a tender offer which will run from May 23 until June 21, 2023. MS Alpa is controlled by the current controlling shareholder of Cambuhy Alpa Holding Ltda and Alpa Fundo De Investimento Em Acoes, which are part of the Alpargatas' controlling shareholders group.