Arco Minority Shareholders Urge Rejection of Takeover Bid (1)

A group of Arco Platform Ltd. shareholders sent a letter to directors urging them to reject a deal to take the company private, according to a copy of the communication reviewed by Bloomberg News.

Arisaig Partners, Gavea Investimentos and Hix Capital, which say they represent a collective ownership stake of 13%, wrote that if Arco agrees to a proposed takeover by Dragoneer Investment Group and General Atlantic LLC, it would “represent a callous mistreatment of minority shareholders,” according to the letter.

The group described the $11-a-share offer price as “unfavorable,” adding that the value is not “anywhere close to acceptable” ...