Liquidity on the Brazilian stock exchange is dwindling, with more and more companies looking to go private or buy back shares. The latest company to seek to leave the B3 (Brazilian Stock Exchange) is T4F Entretenimento .
The company, which specializes in entertainment events, reported that its controlling shareholder, Fernando Alterio, filed a request with the CVM ( Brazilian Securities and Exchange Commission) for registration of a unified public offering for the acquisition of shares, with its exit from the Novo Mercado (New Market) segment — the latest version of the reference form, from November, indicates that 42.6% of the company's capital is in circulation.
Alterio is proposing to pay R$ 5.59 per share, a 26% premium over yesterday's closing price. Considering the total number of shares outstanding, he expects to spend approximately R$ 16 million on the transaction.
T4F debuted on the stock exchange in April 2011, with its IPO raising R$ 539.3 million. Since then, the company's shares have accumulated a drop of 72.2%, resulting in a market value of R$ 300.1 million.
According to T4F, Alterio made this decision to serve the company's interests, "considering the costs of maintaining the registration as a publicly traded company," as well as "the lack of prospects for increasing the liquidity of the company's securities and investment opportunities through capital market issuances in Brazil in the short and medium term."
With the takeover bid request, which still needs to be approved by the CVM (Brazilian Securities and Exchange Commission), T4F is following the same path as companies like Gol , Neoenergia , and Eletromídia .
A survey by Broadcast indicates that, from 2023 until November of last year, 32 companies left the stock exchange. The reasons are varied, ranging from acquisitions, such as Desktop , which was bought by Claro, to strategic reasons, such as the justification presented by T4F.
In addition to takeover bids, liquidity in the stock market is being drained by share buyback programs. Azul recently announced such an initiative, intending to acquire up to 2.5% of its outstanding shares.
A survey conducted by Itaú BBA in mid-March indicated that, at that time, open share buyback programs totaled R$ 89.8 billion in intended purchase volume, distributed across 113 initiatives from 95 companies. Up to that point, R$ 81.4 billion remained to be repurchased.
The bank reported that four companies announced share buyback programs between the end of February and the first half of March — Vivo , Gerdau , Simpar , and Melnick . Year-to-date, R$ 3.5 billion in shares have already been repurchased, a 25% decrease compared to the same period in 2025.
Last year, 82 new share buyback programs were registered, below the record set in 2024 of 126 operations. In terms of volume, 2024 was second only to 2022, when Vale presented a program totaling R$ 42 billion.
