SAO PAULO (Reuters) - Units of Banco Santander Brasil SA (SANB11.SA) are valued between 10.63 reais and 11.69 reais, a report by investment banking firm NM Rothschild & Sons showed, below the price that the lender's parent company proposed for a planned buyout less than two months ago.
The mid-point value of the units was estimated by a team of Rothschild bankers at 11.16 reais, the report showed. That is about 37 percent less than Spain's Banco Santander SA's (SAN.MC) buyout proposal of 15.31 reais per share made on April 29. The report was elaborated at Banco Santander's behest.
Santander launched a $6.5 billion offer for the 25 percent of its Brazilian unit it does not already own. Under terms of the proposed deal, minority investors in Banco Santander Brasil SA (SANB11.SA) would receive up to 665 million shares of the Madrid-based lender in a voluntary swap.
The proposal still has to be voted by Santander Brasil shareholders.
(Reporting by Guillermo Parra-Bernal; editing by Andrew Hay)