BRF SA (BRFS) Rallies 7.78% on Merger Deal Vote With Marfrig

BRF S.A. (NYSE:BRFS) is one of the 10 Stocks That Stole Today’s Spotlight.

BRF saw its share prices increase by 7.78 percent on Monday to close at $3.88 apiece as investors repositioned portfolios ahead of the new schedule for the recently postponed shareholders’ meeting, where a merger deal is expected to be voted.

Originally scheduled on June 18, BRF S.A.’s (NYSE:BRFS) stockholders’ meeting was postponed after the Brazilian Securities Commission (CVM) received two requests regarding the shareholder meeting—one to call off and one to postpone.

The securities watchdog said it rejected the request to completely cancel the meeting, citing a lack of reason to justify the action. However, it granted the request to postpone the meeting for a 21-day period.

Marfrig is the majority stakeholder of BRF S.A. (NYSE:BRFS), with both firms sharing the same chairman.

Last month, the two firms announced their intention to pursue a merger and adopt the new name, MBRF Global Foods Company.

The proposed merger has already gained the approval of the antitrust authority in Brazil.

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Disclosure: None. This article is originally published at Insider Monkey.