Aliansce Sonae Shopping Centers SA (BOVESPA:ALSO3) offered an unsolicited and non-binding offer to acquire BR Malls Participações S.A. (BOVESPA:BRML3) for BRL 6.6 billion on January 4, 2022. Under the terms, Aliansce Sonae will pay 0.318 shares and BRL 1.6 per share. As of January 14, 2022, Board of Directors of BR Malls Participações rejected the offer. Aliansce Sonae Shopping Centers. Aliansce Sonae Shopping Centers SA revised the offer to acquire BR Malls Participações S.A on April 19, 2022. Aliansce Sonae offered a cash payment of BRL1.25 billion for brMalls and the exchange ratio of 1 share issued by brMalls for 0.3940 share issued by Aliansce Sonae. As of April, 29, 2022, the board of RMalls has accepted the proposal by majority.

Aliansce Sonae Shopping Centers SA (BOVESPA:ALSO3) completed the acquisition of BR Malls Participações S.A. (BOVESPA:BRML3) during first quarter of 2022. Filipe B. Areno and Paul T. Schnell of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Aliansce Sonae Shopping Centers S.A. in the transaction.