# EDGAR Filing Document

**Accession Number:** 0001844123
**File Stem:** 0000950103-25-011677
**Filing Date:** 2025-9
**Character Count:** 12221
**Document Hash:** f61e22d2598bff058a5605bf1d564aeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-011677.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0000950103-25-011677

**CONFORMED SUBMISSION TYPE**: SC TO-C

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vasta Platform Ltd
- **CENTRAL INDEX KEY:** 0001792829
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91599
- **FILM NUMBER:** 251315832

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 11 3133-7559

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cogna Educacao S.A.
- **CENTRAL INDEX KEY:** 0001844123
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-C

**BUSINESS ADDRESS:**
- **STREET 1:** RUA SANTA MADALENA SOFIA, 25
- **STREET 2:** 4TH FLOOR, ROOM 01, VILA PARIS
- **CITY:** MINAS GERAIS - MG
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 (11) 3133 7311

**MAIL ADDRESS:**
- **STREET 1:** RUA SANTA MADALENA SOFIA, 25
- **STREET 2:** 4TH FLOOR, ROOM 01, VILA PARIS
- **CITY:** MINAS GERAIS - MG
- **STATE:** D5
- **ZIP:** 01310-100

<br> UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

**SCHEDULE TO** ****<br> (RULE 14d-100)

**Tender Offer Statement<br> under<br> Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934**

**_________________________**

**VASTA PLATFORM LIMITED**

(Name of Subject Company (Issuer))

**COGNA EDUCAÇÃO S.A.** 

(Name of Filing Person (Offeror))

**Class A Common Shares, par value U.S.$0.00005 per share**<br> (Title of Class of Securities)<br>

**KYG9440A1094<br> (ISIN of Class of Securities)<br>G9440A109<br> (CUSIP Number of Class of Securities)**

**Cogna Educação S.A.<br> Rua dos Guajajaras, No. 591, 4th Floor, Room 1, Bairro de Lourdes,<br> Belo Horizonte, Minas Gerais, 30.180-101<br> Brazil<br> Attention: Frederico da Cunha Villa, Chief Financial Officer**

**Telephone: +55 (11) 3133-7309**

(Name, address and telephone number of person authorized to receive notices and<br> communications on behalf of the filing persons)

***With copies to:*<br>Manuel Garciadiaz<br> Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, New York 10017<br> Telephone: (212) 450-4000** 

_________________________

\* In accordance with General Instruction D to Schedule TO, no filing fee is required because this filing contains only preliminary communications made before commencement of a tender offer.

☒ Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ third-party tender offer subject to Rule 14d-1 .

☐ issuer tender offer subject to Rule 13e-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐ Rule 14d-l(d) (Cross-Border Third-Party Tender Offer)

The pre-commencement communications filed under cover of this Schedule TO (this "Schedule TO") are being filed by Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil ("Purchaser") in connection with a proposed all cash tender offer ("Tender Offer") by Purchaser to acquire all of the outstanding Class A Common Shares, par value U.S.$0.00005 per share (the "Class A Common Shares" or the "Securities") of Vasta Platform Limited, a Cayman Islands exempted company (the "Company"), traded on the Nasdaq Global Select Market ("NASDAQ"), excluding those Class A Common Shares held, directly or indirectly, by the Purchaser.

The Tender Offer has not yet commenced, and this Schedule TO is neither an offer to purchase nor a solicitation of an offer to sell any Company Securities or other securities. If and at the time the Tender Offer is commenced, the Purchaser (and/or one or more of its affiliates, as applicable) intends to file with the U.S. Securities and Exchange Commission (the "SEC") a Tender Offer Statement on Schedule TO containing an offer to purchase, a form of letter of transmittal and other documents relating to the Tender Offer, and the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Tender Offer. The Purchaser intends to mail these documents to the Company's shareholders.

**INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER STATEMENT, OFFER TO PURCHASE, SOLICITATION/RECOMMENDATION STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC REGARDING THE PROPOSED TRANSACTION CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TENDER OFFER AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER.** 

Such documents, and other documents filed by the Purchaser and the Company, may be obtained without charge after they have been filed at the SEC's website at www.sec.gov. The offer to purchase and related materials may also be obtained (when available) for free by contacting the information agent for the Tender Offer.

**THE TENDER OFFER WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY COUNTRY OR JURISDICTION IN WHICH SUCH OFFER WOULD BE CONSIDERED UNLAWFUL OR OTHERWISE VIOLATE ANY APPLICABLE LAWS OR REGULATIONS, OR WHICH WOULD REQUIRE THE PURCHASER OR ANY OF ITS AFFILIATES TO CHANGE OR AMEND THE TERMS OR CONDITIONS OF SUCH OFFER IN ANY MANNER, TO MAKE ANY ADDITIONAL FILING WITH ANY GOVERNMENTAL OR REGULATORY AUTHORITY OR TAKE ANY ADDITIONAL ACTION IN RELATION TO SUCH OFFER.**

**IN ADDITION, THE TENDER OFFER DOCUMENTS, THIS SCHEDULE TO AND RELATED MATERIALS AND ACCEPTANCE FORMS WILL NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW.**

**Item 12.** **Exhibits**

---

| | |
|:---|:---|
| **Exhibit<br> Number**  | **Description**  |
| 99.1 | [Material Fact of Cogna Educação S.A., dated September 15, 2025](dp234389-ex9901.htm) |

---

**SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | | |
|:---|:---|:---|:---|
| Dated September 16, 2025 | COGNA EDUCAÇÃO S.A. | COGNA EDUCAÇÃO S.A. | COGNA EDUCAÇÃO S.A. |
|  | By: | /s/ Roberto Valério Neto | /s/ Roberto Valério Neto |
|  |  | Name: | Roberto Valério Neto |
|  |  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Frederico da Cunha Villa | /s/ Frederico da Cunha Villa |
|  | Name: | Frederico da Cunha Villa |
|  | Title: | Chief Financial and Investor Relations Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**COGNA EDUCAÇÃO S.A.**

CNPJ/MF nº 02.800.026/0001-40

NIRE 31.300.025.187

Publicly Held Company

**<u>MATERIAL FACT</u>**

**COGNA EDUCAÇÃO S.A.** (B3: COGN3) ("Cogna" or the "Company"), in compliance with Article 157, paragraph 4, of Law No. 6,404/76, as amended, and with the regulations of the Brazilian Securities and Exchange Commission ("CVM"), in particular CVM Resolution No. 44, of August 24, 2021, as amended, hereby informs its shareholders and the market in general of its intention to launch a tender offer ("Tender Offer") for up to all of the outstanding Class A common shares (excluding Class A common shares held directly or indirectly by Cogna) issued by Vasta Platform Limited, a subsidiary of the Company duly incorporated and validly existing under the laws of the Cayman Islands, with its registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands ("Vasta"), which is currently registered with the U.S. Securities and Exchange Commission ("SEC") and listed and traded on the Nasdaq Global Select Market ("Nasdaq"). The Tender Offer, once commenced by the Company, will seekto result in the delisting of Vasta's Class A common shares from Nasdaq and the deregistration of Vasta with the SEC.

The Company expects that the purchase price to be offered for Vasta's outstanding Class A common shares will be US$5.00 per Class A common share.

This announcement does not constitute an offer to purchase or a solicitation of an offer to sell Class A common shares of Vasta. The solicitation and offer to buy Class A common shares of Vasta will only be made pursuant to an offer to purchase and related materials, once filed with the SEC. The commencement of the Tender Offer is expected in the near term and will be subject to customary conditions for this type of transaction, which will be disclosed in the Tender Offer documents and may include, among others, review and approval by applicable regulatory authorities, including authorization by the SEC, minimum participation, passing of necessary corporate approvals and certain conditions relating to the international capital markets.

The Company will keep the market informed of developments or resolutions regarding the information provided in this Material Fact, in accordance with CVM regulations and applicable law.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This announcement contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Cogna and Vasta resulting from and following the implementation of the transaction described herein. These statements are based on management's current expectations and are inherently subject to risks, uncertainties and changes in circumstance, including the satisfaction of closing conditions for the transaction, including regulatory approval, and the possibility that the transaction will not be completed. None of Cogna or Vasta undertake any obligations to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

**IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT**

The Tender Offer for the outstanding Class A common shares of Vasta has not been commenced. At the time the Tender Offer is commenced, Cogna will file a tender offer statement on Schedule TO with the SEC and thereafter, Vasta will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the Tender Offer. Investors and security holders are urged to read these materials (including an offer to purchase, a related letter of transmittal and certain other tender offer documents) carefully when they become available since they will contain important information, including the terms and conditions of the Tender Offer. The offer to purchase, solicitation/recommendation statement and related materials will be filed with the SEC, and investors and security holders may obtain a free copy of these materials (when available) and other documents filed by Cogna and Vasta with the SEC at the website maintained by the SEC at www.sec.gov.

Belo Horizonte, September 15, 2025.

**Frederico da Cunha Villa**

Chief Financial and Investor Relations Officer