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two funds mull Est

(Adds details of possible Zaher bid, share performance, background on Estacio bidding battle)

By Tatiana Bautzer and Guillermo Parra Bernal

SAO PAULO, June 28 (Reuters) The Zaher family, the No. 2 shareholder in Estcio Participaes SA, has secured bank loans and teamed up with an Asian Canada Goose Parka sovereign wealth fund for a plan to win control of Brazil second largest college canada goose coats operator and thwart two rival bids, a source with direct knowledge of the matter said.

According to the source, cheap Canada Goose who asked for anonymity since the plan canada goose clearance sale is subject to changes, Banco Bradesco SA and Banco Santander Brasil SA canada goose clearance have offered the family canada goose uk black friday investment vehicle TCA Investimentos Ltda the necessary Canada Goose Outlet financing for the bid.

Apart from the undisclosed Asian fund, another Brazil based investor agreed to join the Zahers on Canada Goose Online the bid, the source said on Tuesday. The TCA led group will only make the bid public should separate offers from rivals Kroton Educacional SA and Ser Educacional SA be too low, the source added.

The Zahers, who own a 14 uk canada goose outlet percent stake in Estcio through TCA and other investment vehicles, declined to comment. Bradesco and Santander Brasil did canadian goose jacket not immediately comment.

The battle for Estcio risks becoming fiercer, uk canada https://www.gestiontb.ca goose with Kroton considering buy canada goose jacket a hostile takeover if necessary. It also underscores the resilience of Brazil canada goose education industry as the country struggles with a recession not seen in eight decades and a sharp reduction in government funded student loans.

Estcio had announced Monday that the Zahers, through TCA, would be willing to present an all cash bid that would give it control of up to 75 percent of the company. This month, Estcio named Chaim Zaher, the family patriarch, as chief executive officer.

Shares of Estcio fell 1.8 percent to 16 reais, paring back year to date canada goose factory sale gains to 18 percent.

SWEETER OFFER According to a canada goose black friday sale second source, who is also cheap canada goose uk directly involved in the transaction, Estcio board would tend to accept a sweeter proposal from Kroton, the world largest education company by market value.

Kroton current offer values each share of Estcio at the equivalent of 1.25 share of Kroton. The canada goose outlet source said the chance of winning the board blessing would rise sharply should Kroton improve the offer somewhere canada goose uk outlet between 1.4 share and 1.5 share.

The Zahers would also consider accepting a similar offer, both sources said.

Reuters reported on Monday that the current offer for Estcio is definitive, adding that the company has already secured the backing of more than half of Estcio shareholders some of which Canada Goose online are also holders of stakes in Kroton.

Several board members of Estcio have raised the issue of a potential conflict of interest among some of those cross shareholders.

According to the first source, Cape Town based investment firm Coronation Fund Managers, has sent a letter Canada Goose Coats On Sale to Estcio board asking to canada goose store accept buy canada goose jacket cheap terms of the Kroton deal. There was no immediate response to an email sent to Coronation seeking comment.

If the offer turned hostile, any shareholder owning more canada goose uk shop than a 5 percent stake in Estcio may ask for a shareholder assembly to put all available bids for Canada Goose Jackets the canada goose coats on sale company to vote.

According to the first source, Ser Educacional plans to raise the cash portion of its cash and stock bid in a Canada Goose sale new proposal that could be delivered to Estcio board as early as Wednesday. (Additional reporting by Juliana Schincariol in Rio de Janeiro; Editing by Andrew Hay).