Cielo Shareholders Said to Seek Higher Price in Buyout Offer

A plan by two of Brazil’s largest banks to take payments company Cielo SA private faces pushback from minority stakeholders who are planning to negotiate for a higher price, according to people familiar with the matter.

Banco do Brasil SA and Banco Bradesco SA, which jointly control Cielo, are offering 5.35 reais ($1.07) per share, a 6% premium from the closing price on Feb. 5, the day the tender offer was launched. But smaller shareholders are prepared to hold out until the offer is raised to above 6 reais per share, said the people, asking not to be identified ...