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Founders of Brazil's Linx not allowed to vote on shareholder meeting - filing

Brazilian software firm Linx SA on Monday said the country's securities regulator CVM has determined that its three founders, including CEO Alberto Menache, will not vote on a shareholder meeting on Nov. 17, according to a securities filing.

SAO PAULO, Oct 19 (Reuters) - Brazilian software firm Linx SA LINX3.SA on Monday said the country's securities regulator CVM has determined that its three founders, including CEO Alberto Menache, will not vote on a shareholder meeting on Nov. 17, according to a securities filing.

Linx's shareholders will vote on a take over offer by StoneCo Ltd STNE.O. Besides Menache, Nercio Fernandes and Alon Dayan will not be allowed to vote. Investors are concerned that the founders will receive special benefits, such as non-competing and hiring contracts, if a deal with StoneCo is closed.

(Reporting by Carolina Mandl Editing by Chizu Nomiyama)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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