CVM Orders Centaurus to Launch Full OPA for Oncoclínicas Within 60 Days

Overview

• The CVM collegiado decided on Thursday that Centaurus must carry out a public tender offer within 60 days of August 25, 2026 covering all shareholders who hold stock up to the day before the auction.
• The regulator fixed November 4, 2024 as the 'fato gerador' that triggered the statutory OPA and ordered that the price be updated by the Selic rate from that date to the offer settlement.
• The statute’s pricing formula references 120% of the highest 12‑month share price plus inflation adjustments and considers past capital increases, a mix that pushes the payable amount well above the roughly R$6–6.5 billion previously cited.
• Centaurus has filed for arbitration at B3’s CAM arguing the arbitration bars the OPA while Latache and minority shareholders reject that view, creating parallel legal fights over who has jurisdiction and who must pay.
• Oncoclínicas is negotiating an extrajudicial recovery for about R$5.1 billion with haircuts up to 80%, a fragile financial backdrop that has driven heavy trading in the stock and frames the economic stakes for creditors and retail investors.