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Berardo buyout bid rebuffed by Benfica
Portugal - 21 August, 2007
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Portuguese Benfica turned down Joe Berardo's latest offer of EUR 3.5 a share bid for 85 percent of the club.
Regulator CMVM said only shareholders with 145,144 shares approved of the offer in Berardo's effort to attain 85 percent of the club. The offer was an attempt to get nearly 13 million shares.
Berardo currently holds 150,000 shares in the club. The bid, the first of its type in Portuguese football, valued Benfica at EUR 52.5 million.
Regulator CMVM said only shareholders with 145,144 shares approved of the offer in Berardo's effort to attain 85 percent of the club. The offer was an attempt to get nearly 13 million shares.
Berardo currently holds 150,000 shares in the club. The bid, the first of its type in Portuguese football, valued Benfica at EUR 52.5 million.
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