Santander Advances Brazil Exchange Offer with F-4, BDR Registration, and Appraisal Report
BSBR sits 19% above its 52-week low of $4.94 on light trading volume (0.3× avg).
Summary
Santander filed the F-4 with the SEC and requested BDR registration with Brazilian regulators, moving its exchange offer for the remaining ~10% of Santander Brasil closer to launch. The appraisal report from UBS BB was also received.
Key Events · M&A and Partnerships · BSBR
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F-4 Registration Filed with SEC
Banco Santander filed a registration statement on Form F-4 with the SEC for the exchange offer; it has not yet been declared effective.
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BDR Program Registration Requested
Requests were filed with the CVM to register Banco Santander as a foreign issuer (category A) and its BDR program, and to admit BDRs to trading on B3.
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Brazilian Exchange Offer Registration
Registration of the Brazilian Exchange Offer was requested with the CVM and B3.
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Appraisal Report Received
The appraisal report for the Brazilian Exchange Offer, prepared by UBS BB Corretora, was received and made available via the CVM and B3 IPE systems.
Analysis · BSBR · Finance
The exchange offer for the remaining ~10% of Santander Brasil has moved from announcement to execution with the filing of the F-4 registration with the SEC, the BDR program registration with the CVM, and the admission request to B3. These are the formal regulatory steps that were needed to launch the offer. A key milestone is the receipt of the UBS BB appraisal report, which establishes the valuation basis for the Brazilian Exchange Offer. While the F-4 has not yet been declared effective and the offer has not formally launched, these filings materially advance the timeline and reduce uncertainty about whether the deal will proceed.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 29.6% of the 1609 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BSBR was trading at $5.88 on NYSE in the Finance sector, with a market capitalization of approximately $21.9B. The 52-week trading range was $4.94 to $7.32. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.