Brazil's HBR Realty proposes takeover of Helbor

Brazilian real estate firm HBR Realty BMFBOVESPA:HBRE3 has proposed the acquisition of up to all shares of homebuilder Helbor BMFBOVESPA:HBOR3, both firms said in separate securities filings on Friday.($1 = 5.1697 reais)

The exchange ratio proposed in the deal, which could take Helbor private through a tender offer, is about 0.82 HBR share for each Helbor share.
HBR said that implies a value of 2.52 reais per Helbor share; the shares closed on Friday at 2.29 reais.
A deal would provide financial synergies and increase the share trading volume, HBR said, adding it sees both businesses as complementary.
Both companies are controlled by Brazil's Borenstein family.
Minority shareholders of the two companies must approve any deal.
HBR reported a net revenue of 398 million reais ($77 million) last year, while Helbor posted 1.1 billion reais ($212.84 million) in net revenue.

($1 = 5.1697 reais)