Santander Brasil Files F-4 and BDR Registration, Receives Appraisal Report for Exchange Offer
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 for its exchange offer to acquire the remaining ~10% of Santander Brasil. The appraisal report from UBS BB was also received and made available.
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 voluntary exchange offer for the remaining ~10% of Santander Brasil has moved closer to launch, as Banco Santander formally filed the F-4 registration statement with the SEC and requested BDR registration with Brazilian regulators. A new material step is the receipt of the UBS BB appraisal report, which provides the valuation basis for the Brazilian Exchange Offer. The F-4 has not yet been declared effective, and the offer remains subject to regulatory approvals and shareholder tendering.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 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.