# CVM mandates Centaurus tender offer for Oncoclínicas > Live situation record from CLSTR: https://clstr.news/situations/oncoclnicas-mandatory-tender-offer-dispute > Updated: 2026-08-26T20:40:04.000Z. Sources: 19. Developments: 3. The Brazilian Securities and Exchange Commission (CVM) has unanimously approved a mandatory public tender offer (OPA) for shares of Oncoclínicas. In a 3-0 vote, the CVM board reversed the recommendation of its technical department, which had previously argued that the 2024 reorganization of the Josephina funds did not necessitate a new acquisition. The mandate follows a dispute led by minority shareholders, including Latache Capital, who argued that the reorganization triggered a ‘poison pill’ clause in the company’s bylaws. This clause requires a tender offer if an investor’s stake exceeds 15%. The reorganization resulted in the Josephina III fund, a vehicle linked to Centaurus Capital, holding a 31.83% stake in Oncoclínicas. Centaurus Capital continues to contest the ruling, maintaining that its economic interest predates the IPO and that the reorganization was a structural change rather than a new acquisition. Centaurus has initiated arbitration through the B3 Arbitration Chamber (CAM), arguing that the chamber holds exclusive jurisdiction over commercial disputes between shareholders. The CVM has stipulated that the tender offer must be executed within 60 days of August 25. However, several critical details remain unresolved, including the final offer price, the specific payer, and the exact eligibility of shareholders. Following the announcement of the CVM’s decision, Oncoclínicas shares experienced a significant increase. ## Claims - The CVM board unanimously decided that Centaurus must conduct a public tender offer (OPA) for Oncoclínicas shares. (corroborated by 3 sources) - The CVM board reversed the previous understanding held by its technical department. (corroborated by 3 sources) - The transaction is estimated by the market to be worth approximately R$ 6.5 billion. (corroborated by 2 sources) - Centaurus has initiated arbitration proceedings through the B3 Arbitration Chamber. (corroborated by 2 sources) - The company's bylaws include a 'poison pill' clause requiring a tender offer if an investor exceeds a 15% ownership stake. (corroborated by 2 sources) - Centaurus Capital argues that the B3 Market Arbitration Chamber (CAM) has exclusive jurisdiction over the dispute. (corroborated by 2 sources) - Oncoclínicas has a total liability of R$ 5.1 billion. (single source) - Latache Capital argues that the 2024 corporate reorganization triggered the mandatory tender offer requirement. (single source) - The Brazilian Association of Investment, Credit, and Consumption (Abraicc) plans to file a legal action to compel the tender offer. (single source) - The tender offer must be carried out within 60 days starting from August 25. (single source) - Latache Capital is the largest shareholder of Oncoclínicas with a 14.59% stake. (single source) ## Timeline ### 2026-08-26: Oncoclínicas: CVM approves mandatory tender offer amid shareholder dispute The CVM has unanimously approved a mandatory tender offer for Oncoclínicas, following a dispute between Latache Capital and Centaurus Capital regarding ownership thresholds. 4 sources. https://clstr.news/cluster/oncoclnicas-cvm-approves-mandatory-tender-offer-amid-shareholder-dispute ### 2026-08-24: CVM mandates Centaurus Capital to launch tender offer for Oncoclínicas The CVM unanimously ruled that Centaurus Capital must conduct a tender offer for Oncoclínicas, potentially worth R$ 6.5 billion, following a dispute over shareholder protection clauses. 15 sources. https://clstr.news/cluster/oncoclnicas-shares-surge-ahead-of-cvm-judgment-on-tender-offer ### 2026-08-21: CVM to judge Oncoclínicas tender offer appeal on August 25 The CVM will judge an appeal on August 25 regarding whether Oncoclínicas must conduct a mandatory tender offer following a fund reorganization involving Centaurus Capital. 5 sources. https://clstr.news/cluster/cvm-to-judge-oncoclnicas-tender-offer-appeal-on-august-25 --- Cite as: CVM mandates Centaurus tender offer for Oncoclínicas. CLSTR, https://clstr.news/situations/oncoclnicas-mandatory-tender-offer-dispute