Brazil airline GOL increases offer to absorb Smiles loyalty program

Gol said the new offer has the support of 25% of Smiles minority shareholders, the airline added.

RIO DE JANEIRO, BRAZIL - Brazil airline Gol Linhas Aereas Inteligentes on Wednesday, March 24th, increased the premium paid to shareholders in its loyalty program Smiles Fidelidade in a proposed incorporation, according to a securities filing.

The new proposal offers 0.966 Gol share for each Smile share from a previous proposal of 0.825 share, increasing its offer by 17.1%, it said. Gol will pay Smile’s shareholders in both cash and shares.

Under the new incorporation proposal, Gol is offering 8.28 reais per Smile share plus 0.660 Gol preferred share or 21.68 reais plus 0 . . .

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