Merger by gafisa of tenda shares presentation
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Transcript of Merger by gafisa of tenda shares presentation
Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. Thesestatements are based on the beliefs and assumptions of our management, and oninformation currently available to us. Forward-looking statements include statementsregarding our intent, belief or current expectations or that of our directors or executiveofficers.
Forward-looking statements also include information concerning our possible or assumedfuture results of operations, as well as statements preceded by, followed by, or thatinclude the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,''''intends,'' ''plans,'' ''estimates'' or similar expressions.
Forward-looking statements are not guarantees of performance. They involveForward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions because they relate to future events and thereforedepend on circumstances that may or may not occur. Our future results and shareholdervalues may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values arebeyond our ability to control or predict.
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Index
� Description & Rationale
� Transaction Procedure & Terms
� Shareholder Structure
� Operating Data
� Additional Information
� Anticipated Time Schedule
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Description
Rationale
Transaction
�Gafisa intends to exchange shares for the remaining publicly-traded shares of Tenda .
�Benefits to Gafisa and Tenda shareholders:
• Scale gains;• Scale gains;
• Increase in operational, commercial and administrative efficiency;
• Optimization of consolidated balance sheet ;
• Streamlined administration;
• Increase in share liquidity.
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Transaction Procedure & Terms
Market exchange ratio
Formation of an Independent Committee
� According to CVM Guidance 35, an independent committee will be created to represent
Tenda in the negotiation of the transaction terms with Gafisa’s Management;
� Based on historical prices, Gafisa’s Management believes that an adequate exchange ratio
would be between 0.188 and 0.200 of a Gafisa share for each Tenda share.
� 30-day to 180-day daily average (base date: Oct. 21, 2009)
0,1800
0,1850
0,1900
0,1950
0,2000
0,2050
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Maximum: 0.200
Minimum: 0.188
� 30-day to 180-day daily average (base date: Oct. 21, 2009)
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Current & New Shareholder Structure
Gafisa
Gafisa
shareholders
Tenda
shareholders
100.0 %
Current shareholder structure (2Q09)
Gafisa
Gafisa
shareholders
Former Tenda
shareholders
100.0 %
Resulting shareholder structure
Tenda
60.0 % 40.0 %
Tenda
Capital markets impact
�Consolidated company with market cap of approximately R$4.9 billion;
�Consolidated daily liquidity of approximately R$ 138 million(1):
• R$ 65 mm (US$ 37 mm – Gafisa ADRs – NYSE);
• R$ 73 mm (R$ 59 mm Gafisa + R$ 14 mm Tenda - BMF&BOVESPA).
100.0 %
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(1) source: Bloomberg – Gafisa + Tenda: average of the last 30
days up to Oct. 21.
Pro-forma operating information (R$ million)
Consolidated Income Statement Launched PSV – 1H09
Contracted sales – 1H09 Landbank – 1H09
Pro-Forma 2008 1H09
Net revenues 1,740 1,248
Gross profit 526 346
% net revenues 30.2% 27.7%
Adjusted EBITDA 300 251
% net revenues 17.3% 20.1%
Net profit* 120 108
% net revenues 6.9% 8.7%
192
595
787
Tenda Gafisa ex-Tenda Gafisa
*Before Tenda´s minorities’ interest
Contracted sales – 1H09 Landbank – 1H09
620 774
1,394
Tenda Gafisa ex-Tenda Gafisa
5,544
10,450
15,994
Tenda Gafisa ex-Tenda Gafisa
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A National Company with a Diverse Portfolio
Presence (2Q09)
Brands States Cities
18 46
12 64
16 26
Total 20 99
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Anticipated Time Schedule
Next steps
� If the parties achieve satisfactory negotiation terms, the anticipated schedule for closure
follows:
October November December
05 12 19 26 02 09 16 23 07 14 21 28
Formation of Tenda’s Independent Committee
Negotiations between Independent Committee
and Gafisa Management
Conclusion of Tenda’s Independent Committee
analyses
Presentation of Independent Committee’s
analyses to Gafisa Management
Call notes of companies’ Extraordinary General
Shareholder Meetings for transaction appraisal
Extraordinary General Shareholder Meetings
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