(Bloomberg) -- Cielo SA, the Brazilian payments company controlled by two of the country’s largest lenders, is taking a step toward delisting its stock.

Shareholders at a special meeting Tuesday rejected a proposal that sought a new valuation for a tender offer the company was floating, according to people in attendance who asked not to be identified because the information isn’t public.

The decision paves the way for Banco do Brasil SA and Banco Bradesco SA — which have a controlling stake in Cielo — to proceed with a delisting, the people said.

A representative for Cielo didn’t reply to a message seeking comment. 

The banks initially offered 5.35 reais ($1.04) per share to take full ownership of Cielo and use it to compete for point-of-sales business. The offer was then raised this month to 5.60 reais per share.

Read more: Cielo Shareholders Said to Seek Higher Price in Buyout Offer

Some minority shareholders, however, held out and were requesting an assessment from another financial firm, according to people familiar with the matter. The proposal was voted down Tuesday, the people said.

The banks’ plan to take full ownership of Cielo is a part of a bigger trend across firms to integrate their acquiring businesses with banking services. That strategy helped Rede, owned by Itau Unibanco Holding SA, grab the No. 1 rank in the merchant-acquirer market last year.

Cielo shares have risen more than 18% year-to-date, bucking a 6.7% slide for the benchmark Ibovespa index, according to data compiled by Bloomberg.

©2024 Bloomberg L.P.