MEAL3 - Mercado de Valores Mobiliarios

INTERNATIONAL MEAL COMPANY ALIMENTAÇÃO S.A.
Companhia Aberta
CNPJ/MF nº 17.314.329/0001-20
NIRE 35300488750
COMUNICADO AO MERCADO
International Meal Company Alimentação S.A. (B3: MEAL3) (“Companhia”) vem a público
divulgar a carta anexa recebida da Abanzai Representações S.A. e da Sapore S.A. e a resposta
anexa da Companhia aprovada pelo seu Conselho de Administração em reunião realizada nesta
data.
São Paulo, 4 de dezembro de 2018.

José Agote
Diretor Financeiro e de Relações com Investidores
A
ABANZAI REPRESENTAÇÕES S.A.
Rodovia Amparo-Itatiba SP 360, Km 114,5, s/n
Amparo – SP
e
SAPORE S.A.
Avenida Antonio Artioli, 570
Campinas – SP
A/C: Sr. Daniel Eugênio Rivas Mendez
Sr. Elezir José da Silva Junior
Enviado por e-mail
Ref.: Carta datada de 3 de dezembro de 2018
Prezados Senhores,
Fazemos referência à correspondência recebida de V.Sas. às 23h50m do dia 3 de dezembro

de 2018, por e-mail (“Carta Grupo Sapore”), enviada em resposta às nossas cartas de 22 e
29 de novembro de 2018 (“Cartas IMC”).
As Cartas IMC continham a solicitação de esclarecimentos e informações sobre a oferta

pública para aquisição de ações (“OPA” ou “Oferta”) de emissão da International Meal
Company Alimentação S.A. (“IMC” ou “Companhia”) lançada pela Abanzai Representações
S.A. (“Abanzai” ou “Ofertante”), controladora direta da Sapore S.A. (“Sapore”, em conjunto
com Abanzai, “Grupo Sapore”), por meio do edital lançado em 19 de novembro de 2018
(“Edital”) e posteriormente aditado e publicado de forma consolidada em 29 de novembro
de 2018 (“Edital Aditado”), cujo leilão está marcado para 19 de dezembro de 2018 (“Leilão
da OPA”).
Lamentamos, em primeiro lugar, que a Carta Grupo Sapore somente nos tenha sido
enviada virtualmente no dia do encerramento do prazo para que o Conselho de
Administração da IMC se manifestasse sobre os termos da OPA, e depois de a
manifestação ter sido divulgada, impedindo que os seus termos tivessem sido
considerados naquela opinião –emitida nos termos do art. 21 do Regulamento do
Novo Mercado da B3 e do art. 23, alínea w, do Estatuto Social da Companhia
(“Parecer do Conselho”).
O envio tardio de uma carta complexa, sem alteração do Edital Aditado, a poucos
dias do leilão da OPA, só contribui para confundir os acionistas e comprova a
inviabilidade de manter-se a data do Leilão da OPA e os termos do Edital Aditado,
dado o ambiente de desinformação criado pela conduta da Ofertante.
Diante do envio da Carta Grupo Sapore, o Conselho de Administração da Companhia

se reuniu hoje em caráter de urgência, para analisar seus termos e deliberou enviar
a V.Sas. esta resposta.
Combinação de Negócios
A maior parte da Carta Grupo Sapore se dedica a afirmar que a OPA e a combinação
de negócios da Companhia com o Grupo Sapore (“Combinação de Negócios”) seriam
operações independentes e segregadas.
Contudo, no Edital a Ofertante afirma que “tem a intenção de adquirir participação

na IMC e apresentar proposta de combinação de negócios entre as duas companhias”
e, sob o título “Motivo da Realização de Oferta”, informa que a OPA “é realizada no
âmbito do processo de análise e aproveitamento pela Ofertante de oportunidade
comercial para a combinação de negócios entre Sapore e IMC”
Do mesmo modo, no Edital Aditado, a Ofertante reiterou que “tem a intenção de

adquirir participação na IMC e, posteriormente, em caso de sucesso a Oferta, e de modo
independente a esta, de submeter à deliberação dos acionistas da IMC uma proposta
de combinação de negócios entre as duas companhias”.
Aliás, apesar de agora pretender separar os assuntos, a própria Carta Grupo Sapore
trata a decisão dos acionistas sobre a OPA como uma forma de se manifestarem
sobre a Combinação de Negócios:
“Com o lançamento da OPA, os acionistas da IMC terão a oportunidade, pela

primeira vez, de se manifestarem acerca dos méritos de uma aquisição de
participação pela Ofertante e do interesse em se prosseguir na busca de
construir-se uma eventual combinação de negócios entre as companhias, em
bases comutativas e com imparcialidade. ”
“Primeira Oportunidade para Manifestação pelos Acionistas acerca de uma

Potencial Combinação de Negócios (...) a Abanzai propõe que sejam adotados
determinados procedimentos de forma a permitir que os acionistas da IMC
(conforme o racional do Conselho de Administração da IMC) tenham acesso às
informações da Sapore e da IMC e decidam por eles mesmos acerca dos reais
méritos e potenciais riscos de uma eventual combinação de negócios”.
Portanto, no entendimento da IMC, a Carta Grupo Sapore, desacompanhada de uma

alteração dos termos do Edital e do Edital Aditado, introduz ainda mais incerteza no
processo de análise da OPA pelo Conselho de Administração e pelos acionistas da
IMC, na medida em que a carta tenta contradizer o Edital e o Edital Aditado, sem
entretanto efetivamente fazê-lo e, o que é pior, sem retificá-los.
Por outro lado, a Carta Grupo Sapore segue não apresentando os esclarecimentos e
declarações solicitados nas Cartas IMC, seja quanto à intenção do Grupo Sapore de
votar na eventual deliberação sobre a Combinação de Negócios e seja quanto à
forma como será assegurada uma negociação independente de todos os termos
relevantes de tal operação – e não apenas da avaliação das companhias.
O Conselho de Administração da IMC continua a entender que essas são informações

essenciais para que os acionistas possam tomar uma decisão devidamente
informada sobre a OPA, e para que o próprio Conselho de Administração possa deter
todas as informações necessárias ao desempenho de suas funções. Entretanto,
aquelas informações, tendo sido requeridas pela primeira vez imediatamente após
a publicação do Edital, e reiteradamente solicitadas, seguem não sendo prestadas, o
que produz incerteza e, consequentemente, pressão sobre os acionistas da
Companhia para que alienem suas ações na OPA, como forma de evitar ou mitigar
riscos futuros que não podem determinar neste momento.
Demonstrações Financeiras da Sapore
A Carta Grupo Sapore se faz acompanhar do balanço da Sapore, companhia fechada,

solicitando que esse balanço seja tornado público pela Companhia.
O Conselho de Administração deliberou atender a esse pedido, em prol da

transparência e da informação dos seus acionistas, mas destacou que o
oferecimento, a esta altura, de tal informação adicional, pelos canais de relações com
investidores da Companhia, constitui, substancialmente, um aditamento ao Edital e
ao Edital Aditado, na medida em que oferece aos destinatários da OPA uma nova
informação financeira deles não constante.
Assim, considerando que essa nova informação sobre a Ofertante está sendo
tornada pública a seu pedido, sem observar o prazo regulamentar de antecedência
do leilão, o entendimento do Conselho de Administração é que, já por esse fato, o
Leilão da OPA deveria ser adiado, para observar-se o prazo regulamentar,
permitindo-se que os acionistas tenham tempo hábil de se inteirar sobre tal
informação, que é extensa e complexa.
O Conselho de Administração deliberou, ainda, que se manifestará sobre o balanço

da Sapore, de maneira simultânea e idêntica para todos os acionistas, por meio de
aditamento ao Parecer do Conselho, se o Leilão da OPA for adiado e, portanto,
houver tempo hábil para tanto, e o Grupo Sapore autorizar que, para isso, sejam
utilizados os achados da auditoria realizada na Sapore.
Informações da Auditoria Sapore
A proposta da Companhia de que seja apresentado a todos os acionistas,

simultaneamente e de maneira uniforme, um extrato dos resultados da auditoria
realizada na Sapore, que é uma companhia fechada, tem a finalidade de assegurar
que todos eles tenham acesso simultâneo à mesma informação.
A Carta Grupo Sapore, entretanto, propõe que cada acionista que desejar ter acesso
individual ao longo e complexo relatório de auditoria compareça à sede da
Companhia e assine um acordo de confidencialidade. Esse mecanismo,
evidentemente, produzirá assimetria de informação entre os destinatários da OPA,
assegurando informação seletiva apenas aos investidores que possam arcar com os
custos de contratar assessores jurídicos e contábeis para ter acesso à informação,
distorcendo por completo o tratamento igualitário dos acionistas que é da essência
de uma OPA.
Para agravar a inviabilidade da proposta apresentada pelo Grupo Sapore, o acesso

ao relatório de due diligence seria iniciado a menos de 15 dias do leilão, e após o
prazo regulamentar de manifestação do Conselho de Administração, que não mais
poderia considerar o resultado da auditoria em seu parecer.
Por tudo isso, o Conselho de Administração entende que a proposta da Carta Grupo
Sapore não serve à finalidade informacional que se pretendia alcançar com a
autorização para a divulgação do extrato dos achados da auditoria, os quais seriam
apresentados da mesma forma para todos os acionistas, e com conteúdo
substancialmente idêntico àquele que o Conselho de Administração da Companhia
considerou, quando decidiu pela resilição do Acordo de Associação.
Por outro lado, o Grupo Sapore pretende condicionar a prestação de informações

sobre a Sapore a que os dados da auditoria por ele realizada na IMC sejam também
tornados públicos. O Grupo Sapore parece querer desconhecer que a IMC, ao
contrário da Sapore, é uma companhia aberta, cujas demonstrações financeiras são
trimestralmente submetidas aos auditores independentes e aos agentes de
mercado.
Por outro lado, a Ofertante, que realizou a auditoria, certamente não detém
qualquer informação relevante sobre a Companhia não conhecida pelo mercado,
pois se a detivesse a teria tornado pública, sob pena de estar lançando a OPA ao
mesmo tempo em que detém informação privilegiada, o que é vedado pela lei.
Por essas razões, o Conselho de Administração deliberou reiterar o pedido de que o

Grupo Sapore autorize que seja apresentado a todos os acionistas, simultaneamente
e de maneira uniforme, um extrato dos resultados da auditoria realizada na Sapore,
ou, alternativamente, que isso seja feito em conjunto com a análise, pelo Conselho
de Administração, das demonstrações financeiras da Sapore que acompanharam a
Carta Grupo Sapore – desde que, em qualquer caso, o Leilão da OPA seja adiado por
tempo que permita a divulgação e a análise adequada daquela informação pelos
acionistas, tendo em vista o encerramento do prazo para a manifestação do
Conselho de Administração sobre a OPA.
Reuniões com Investidores
A Carta Grupo Sapore também anuncia a intenção de realização de duas reuniões

com investidores em São Paulo, nas quais eventuais informações adicionais àquelas
constantes do Edital e do Edital Aditado seriam prestadas pelo Grupo Sapore aos
investidores.
No entendimento do Conselho de Administração essa intenção contraria o dever de

tratamento igualitário dos destinatários da OPA, visado pela regulamentação, pois
toda a informação disponível aos acionistas deve sê-lo de maneira idêntica e
simultânea.
Conclusão
Diante do acima exposto, visando a preservar os interesses da Companhia e dos seus

acionistas, o Conselho de Administração deliberou:
(i) tornar pública a Carta Grupo Sapore e as demonstrações financeiras da Sapore

que a acompanham, como solicitado pelo Grupo Sapore, entendendo, entretanto,
que como essa nova informação sobre a Ofertante está sendo tornada pública sem
observar o prazo regulamentar de antecedência do Leilão da OPA, o Leilão da OPA
deveria ser adiado;
(ii) solicitar ao Grupo Sapore que:
(a) preste imediatamente os esclarecimentos e declarações solicitados nas

Cartas IMC, seja quanto à intenção do Grupo Sapore de votar na eventual
deliberação sobre a Combinação de Negócios, seja quanto à forma como será
assegurada uma negociação independente de todos os termos relevantes de
tal operação – e não apenas da avaliação das companhias;
(b) autorize que seja apresentado pela IMC, a todos os acionistas,

simultaneamente e de maneira uniforme, um extrato dos resultados da
auditoria realizada na Sapore no âmbito do Acordo de Associação, ou,
alternativamente, que isso seja feito em conjunto com a divulgação da
análise, pelo Conselho de Administração, das demonstrações financeiras da
Sapore que acompanharam a Carta Grupo Sapore; e
(c) o Edital Aditado seja republicado com os esclarecimentos referidos no

item (a) acima e, em observância ao disposto no Art. 5º, §3º da Instrução CVM
361/02, o Leilão da OPA seja adiado, no mínimo, para o dia 27 de dezembro
de 2018, sendo divulgado novo parecer do Conselho de Administração da
IMC no prazo de 10 (dez) dias, a contar da data em que as novas informações
forem tornadas disponíveis ao público.
____________________________________________________________
À
International Meal Company Alimentação S.A.
A/C: Sr. Patrice Philippe Nogueira Baptista Etlin – Presidente do Conselho de Administração
via e-mail
Ref.: Esclarecimentos solicitados por IMC – Edital de OPA
Prezados Senhores:
1. A Abanzai Representações S.A. (“Abanzai”) e Sapore S.A. (“Sapore”) vêm, por meio
da presente, em resposta à correspondência enviada pela International Meal Company
Alimentação S.A. (“IMC” ou “Companhia”), de 22/11/2018 e à nova correspondência
enviada em 29/11/2018, solicitando determinadas informações alegadas como essenciais
para que a administração da Companhia possa fazer uma análise que entende adequada
da oferta pública voluntária para aquisição de ações da IMC apresentada pela Abanzai
(“OPA”) e da eventual combinação de negócios entre a IMC e Abanzai ou Sapore,
apresentar à V.Sas. os esclarecimentos e informações abaixo.
Acordo de Associação e Operação Anterior.
2. Cabe relembrar que o Conselho de Administração da IMC, composto pelos mesmos

atuais membros do conselho de administração e a diretoria da Companhia, negociou e,
por fim, aprovou, em 15/06/2018, a celebração do acordo de associação estabelecendo as
bases para uma combinação de negócios entre as partes (“Acordo de Associação”), a ser
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Demonstrações financeiras em
31 de dezembro de 2017 e 2016

KPDS 216256

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Relatório da Administração 3
Relatório dos auditores independentes sobre as demonstrações financeiras 12
Balanços patrimoniais 15
Demonstrações de resultados 16
Demonstrações de resultados abrangentes 17
Demonstrações das mutações do patrimônio líquido 18
Demonstrações dos fluxos de caixa 19
Notas explicativas às demonstrações financeiras 20

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INTERNATIONAL MEAL COMPANY ALIMENTAÇÃO S.A.

São Paulo, 4 de dezembro de 2018.

INTERNATIONAL MEAL COMPANY ALIMENTAÇÃO S.A.

A/C: Sr. Daniel Eugênio Rivas Mendez

Sr. Elezir José da Silva Junior

Enviado por e-mail

Ref.: Carta datada de 3 de dezembro de 2018

Fazemos referência à correspondência recebida de V.Sas. às 23h50m do dia 3 de dezembro

As Cartas IMC continham a solicitação de esclarecimentos e informações sobre a oferta

Diante do envio da Carta Grupo Sapore, o Conselho de Administração da Companhia

Contudo, no Edital a Ofertante afirma que “tem a intenção de adquirir participação

Do mesmo modo, no Edital Aditado, a Ofertante reiterou que “tem a intenção de

“Com o lançamento da OPA, os acionistas da IMC terão a oportunidade, pela

“Primeira Oportunidade para Manifestação pelos Acionistas acerca de uma

Portanto, no entendimento da IMC, a Carta Grupo Sapore, desacompanhada de uma

O Conselho de Administração da IMC continua a entender que essas são informações

Demonstrações Financeiras da Sapore

A Carta Grupo Sapore se faz acompanhar do balanço da Sapore, companhia fechada,

O Conselho de Administração deliberou atender a esse pedido, em prol da

O Conselho de Administração deliberou, ainda, que se manifestará sobre o balanço

Informações da Auditoria Sapore

A proposta da Companhia de que seja apresentado a todos os acionistas,

Para agravar a inviabilidade da proposta apresentada pelo Grupo Sapore, o acesso

Por outro lado, o Grupo Sapore pretende condicionar a prestação de informações

Por essas razões, o Conselho de Administração deliberou reiterar o pedido de que o

Reuniões com Investidores

A Carta Grupo Sapore também anuncia a intenção de realização de duas reuniões

No entendimento do Conselho de Administração essa intenção contraria o dever de

Diante do acima exposto, visando a preservar os interesses da Companhia e dos seus

(i) tornar pública a Carta Grupo Sapore e as demonstrações financeiras da Sapore

(ii) solicitar ao Grupo Sapore que:

(a) preste imediatamente os esclarecimentos e declarações solicitados nas

(b) autorize que seja apresentado pela IMC, a todos os acionistas,

(c) o Edital Aditado seja republicado com os esclarecimentos referidos no

Ref.: Esclarecimentos solicitados por IMC – Edital de OPA

Acordo de Associação e Operação Anterior.

2. Cabe relembrar que o Conselho de Administração da IMC, composto pelos mesmos

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Relatório dos auditores independentes sobre as demonstrações financeiras 12

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Demonstrações das mutações do patrimônio líquido 18

Demonstrações dos fluxos de caixa 19

Notas explicativas às demonstrações financeiras 20

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