Betlan Dos S.A. agreed to acquire Axxdos S.A. (SNSE:AXXDOS) on December 28, 2012. The merged company will trade as Inversiones Betlas Dos S.A. Axxdos will be dissolved without the need to liquidate it. Taking this into consideration, the agreement was to ratify and approve the Betlan Dos to issue 45.45 million shares, which will represent the share capital after the merger.

45.39 million of those shares will correspond to and replace the original 10 million shares of Axxdos. 55.49 million shares will correspond to the amount of the capital increase as a result of the merger. Betlan Dos shall turn into a publicly traded company once its shares are listed in the Superintendency of Securities and Insurance, considering that the company will have over 500 shareholders as a result of the previously mentioned merger.

In case this does not happen, in the meantime, Betlan Dos will continue to operate as a closed corporation. The transaction was approved by the shareholders of Axxdos on December 28, 2012. The transaction is expected to get closed on March 25, 2014.