Brazil’s Atacadao Jumps After Carrefour Raises Buyout Offer (1)

Shares in Atacadao SA jumped on Friday after Carrefour SA raised the offer to take its Brazilian unit private just a few days before a key vote as minority shareholders mobilized against the initial bid.

The stock gained as much as 12% during morning trading in Sao Paulo, hitting its highest intraday value since Oct. 7. The French grocer will now pay shareholders 8.50 reais for each share in Atacadao, the company said in a filing. That’s a roughly 10% increase from its original bid of 7.70 reais a share.

The new exchange ratio “gives all shareholders of the ...