SAO PAULO (Reuters) -Brazilian securities regulator CVM has postponed a shareholder vote on the takeover of poultry and pork processor BRF by beef processor Marfrig, the companies said in a securities filing on Tuesday.
Shareholders from both firms were set to vote on Wednesday on a deal announced in May that would allow Marfrig - already the holder of a controlling stake in BRF - to complete its takeover in a share-swap deal, forming a global company called MBRF.
According to a document on the CVM website, the regulator postponed the meeting for 21 days following a request from minority shareholders, who said they need more information to understand the criteria for each company's valuation and the deal's exchange ratio.
BRF and Marfrig in a joint securities filing said the regulator requested additional information from both companies on the terms of their proposed tie-up.
They added that they were analyzing the CVM's decision and studying their options, including a potential request for reconsideration of the postponement.
The companies had previously said that the takeover was subject to approvals, including in the respective shareholders' meetings.