CVM staff accuses Tanure of evading a tender offer in Gafisa
Bylaws mandate a buyout when ownership crosses 30%, which regulators say was skirted.
Technical staff at Brazil's securities regulator, the CVM, formally accused investor Nelson Tanure of circumventing a mandatory tender offer in homebuilder Gafisa, according to a report published on October 2, 2026.
Under Gafisa corporate bylaws, an investor who reaches a 30% equity ownership threshold must launch a public tender offer to acquire shares from minority holders.
The dispute follows prolonged pressure from minority holders, including Esh Capital, which previously alleged that Tanure indirectly held a combined equity interest of 44.33% in Gafisa. In January 2026, Wotan Realty, an investment vehicle linked to Tanure, held 3,608,986 common shares in the company, representing a 14.72% stake.
The homebuilder has faced multiple governance disputes. In 2023, minority shareholders contested a capital increase of BRL 78 million. In October 2024, the CVM approved a settlement agreement of BRL 3.672 million to close a prior administrative proceeding involving board members, where Tanure committed to pay BRL 1.020 million.
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