# EDGAR Filing Document

**Accession Number:** 0001792829
**File Stem:** 0000950103-25-012111
**Filing Date:** 2025-9
**Character Count:** 37946
**Document Hash:** ebf943ec1caf69e0643132df3ea4472a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-012111.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000950103-25-012111

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**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 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91599
- **FILM NUMBER:** 251335399

**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 13E3/A

**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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**SCHEDULE 13E-3**

(Rule 13e-100)

**RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(e)<br> OF THE SECURITIES EXCHANGE ACT OF 1934**

**(Amendment No. 1)**

**VASTA PLATFORM LIMITED**

(Name of the Issuer)

**COGNA EDUCAÇÃO S.A.**

(Names of Person(s) Filing Statement)

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

**KYG9440A1094 <br> (ISIN of Class of Securities)**

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

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| **Cogna Educação S.A.<br> Rua dos Guajajaras, No. 591, 4<sup>th</sup> 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**<br>**Telephone: +55 (11) 3133-7309**<br>|
| (Name, address, and telephone numbers of person authorized to receive notices and communications on behalf of filing persons) |

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

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This statement is filed in connection with (check the appropriate box):

☐ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

☐ The filing of a registration statement under the Securities Act of 1933.

☒ A tender offer.

☐ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☐

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

Filing Fee Exhibit filed herewith.

**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction, or passed upon the adequacy or accuracy of the disclosure in this Schedule 13E-3. Any representation to the contrary is a criminal offense.**

**EXPLANATORY NOTE**

This Amendment No. 1 ("Amendment No. 1") to the Transaction Statement on Schedule 13E-3 ("Amendment No. 1") amends and supplements the Transaction Statement on Schedule 13E-3 originally filed by Cogna Educação S.A., a company organized under the laws of the Federative Republic of Brazil (the "Purchaser"), on September 17, 2025 ("Schedule 13E-3") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), relating to the tender offer by the Purchaser for any and 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 with limited liability (the "Company"), traded on the Nasdaq Global Select Market ("NASDAQ"), excluding those Class A Common Shares held, directly or indirectly, by the Purchaser, pursuant to the terms and subject to the conditions set forth in the offer to purchase dated September 17, 2025 (as amended or supplemented from time to time, the "Offer to Purchase"). The Offer to Purchase and the related Letter of Transmittal (as amended or supplemented from time to time, the "Letters of Transmittal"), copies of which are attached hereto as Exhibits (a)(1)(i) and (a)(1)(ii), respectively, together, as amended or supplemented from time to time, constitute the "Offer". for any and all of the outstanding Securities, other than any Securities held, directly or indirectly, by the Purchaser, at a price per Security equal to U.S.$5.00 per Class A Common Share, to be adjusted for any potential dividends or distributions which may be paid, and/or splits, reverse splits and conversions which may take place, between the date on which the Offer were announced and the dates of expiration of the Offer. Unless otherwise defined herein, capitalized terms used in this Schedule 13E-3 shall have the meaning given to them in the Offer to Purchase. The Offer commenced on September 17, 2025.

On September 24, 2025, the Purchaser filed an Amendment No. 1 to the Schedule TO-T (the "Amended Schedule TO") originally filed on September 17, 2025, which modified certain information in the Offer to Purchase. This Amendment No. 1 is being filed for the purpose of supplementing the information required from the Purchaser under Schedule 13E-3 given the modifications introduced in the Offer to Purchase by the Amended Schedule TO. Only those items amended are reported in this Amendment No. 1. Except as otherwise set forth in this Amendment No. 1, the information set forth in the Offer to Purchase, a copy of which is filed herewith as Exhibit (a)(1)(i), remains unchanged and is incorporated herein by reference to the extent relevant to the items in this Amendment No. 1. This Amendment No. 1 should be read with the Schedule 13E-3 and the Offer to Purchase.

ITEM 1. SUMMARY TERM SHEET.

The following sections set forth in the Offer to Purchase under the heading "Summary Term Sheet," incorporated by reference in Item 1 of the Schedule 13E-3, are hereby amended and restated as follows.

The information set forth under the heading "Summary Term Sheet—What actions is Purchaser considering if Purchaser obtains the Minimum Tender Condition?" is hereby amended and restated as follows:

"Under Cayman Islands law, subject to certain requirements, within four months after the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act.

Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled, but will not be obliged, to give notice to compulsorily acquire and to conduct a compulsory acquisition at the Offer Price for the purpose of purchasing Securities held by any remaining holders of the Securities, in accordance with Section 88 of the Companies Act. In addition, the Companies Act allows for alternative transactions to a compulsory acquisition, such as a statutory merger and a court-sanctioned scheme of arrangement, which may be available to Purchaser even if the Minimum Tender Condition is not satisfied and has been waived. Following the completion of the Offer, Purchaser may further consider pursuing such alternative methods permitted under Cayman Islands law for the purpose of acquiring Securities held by any remaining holders of the Securities."

ITEM 2. SUBJECT COMPANY INFORMATION.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior Share Purchases

The following sections set forth in the Offer to Purchase under the heading "Special Factors—Section 1. Background", incorporated by reference in Item 2(f) of the Schedule 13E-3, are hereby amended and restated as follows.

The seventh, ninth and eleventh paragraphs under the heading "Special Factors—Section 1. Background" are hereby amended and restated as follows:

"In August 2025, Purchaser's senior management initiated discussions with the Dealer Manager in relation to the Offer."

"On September 3, 2025, the finance committee of the Purchaser's board of directors held a meeting in which all of the members of such committee, none of which is a representative of Alaksa Investimentos Ltda., were present and discussed the possibility of launching an offer to purchase all of the outstanding Class A common shares of the Company, including future plans for the Company such as delisting, deregistration and compulsory acquisition under the laws of the Cayman Islands."

"On September 9, 2025, Purchaser's board of directors held a meeting to further consider the transaction, and the disinterested directors debated and approved the terms and conditions of the Offer, including the price to be offered for the Class A Common Shares of the Company, and authorized the preparation of the tender offer documents."

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and Address

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet," and "Special Factors—Section 1. Background," is incorporated by reference in this Item 3(a) of the Schedule 13E-3 as amended and restated pursuant to Items 1 and 2 hereof. In addition, the following sections set forth in the Offer to Purchase under the heading "Introduction," incorporated by reference in Item 3 of the Schedule 13E-3, are hereby amended and restated as follows.

The third and fifth paragraphs under the heading "Introduction" are hereby amended and restated as follows:

"The Offer is subject to certain conditions set forth in "The Offer―Section 11. Conditions to the Offer" of this Offer to Purchase. The Offer Conditions include a condition that tendering holders of Securities shall have validly tendered and not withdrawn the Minimum Tender Amount prior to the Expiration Date. The Offer is not subject to any financing condition. Purchaser expressly reserves the right to waive any Offer Condition provided that, if the Minimum Tender Condition is not satisfied and is waived, Purchaser may not be able to effect a compulsory acquisition under Section 88 of the Companies Act but may pursue alternative acquisition methods as described elsewhere in this Offer to Purchase."

"In addition, Lagos Capital Corp. owns 8,040,098, or 51.1%, of the Company's Class A Common Shares (or 9.6% of the Company's common shares, representing 1.2% of the Company's voting rights). Lagos Capital Corp. is beneficially owned by Mr. Luiz Alves Paes de Barros, who controls and is the chairman of Alaska Investimentos Ltda., a shareholder of the Purchaser holding approximately 17% of its outstanding common stock. Alaska Investimentos Ltda. is not party to any arrangement through which control is exercised over the Purchaser. However, Alaska Investimentos Ltda. has two board seats in Purchaser's board of directors, currently occupied by Ms. Angela Regina Rodrigues de Paula Freitas and Mr. Eduardo Christovam Galdi Mestieri. None of the directors of Purchaser appointed by Alaska Investimentos Ltda., nor any other representatives of Alaska Investimentos Ltda., have participated in discussions held by the Purchaser's management or the finance committee of the Purchaser's board of directors relating to the structuring of the Offer, nor negotiated its general terms and conditions, including the offer price, nor voted or expressed an opinion to the Purchaser (including at any committee or board meeting) with regards to the Offer. Moreover, none of Mr. Luiz Alves Paes de Barros, Alaska Investimentos Ltda. or Lagos Capital Corp., or any other associated party, is providing financial or any other support for the Offer or assisting Purchaser in obtaining any financing for the Offer."

ITEM 4. TERMS OF THE TRANSACTION.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Material Terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Tender Offer.

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet" and "Introduction" is incorporated herein by reference as amended and restated pursuant to Items 1 and 3 hereof. In addition, the following sections set forth in the Offer to Purchase, incorporated by reference in Item 4 of the Schedule 13E-3, are hereby incorporated by reference herein as such information has been amended and restated as follows.

The second and fifth paragraphs under the heading "Special Factors—2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer—Purchaser's Reasons for the Offer" are hereby amended and restated as follows:

"Purchaser's board of directors determined that structuring the transaction as a cash tender offer at the Offer Price was efficient and appropriate because, considering certain other alternative transaction structures discussed by the board, such as a potential statutory merger, privately negotiated transactions and market purchases, an all cash tender offer provided several advantages, including: (i) cash consideration offers certainty of value to shareholders, which is particularly important given the low liquidity of the target securities; (ii) an all-cash tender offer can be funded at no cost with available cash in hand; (iii) an all-cash structure provides a simple, transparent, and expedient mechanism for shareholders to realize immediate value in their shares; and (iv) the tender offer structure, as opposed to a negotiated merger or other corporate arrangement under the laws of the Cayman Islands, ensures that minority shareholders are afforded an opportunity to participate directly and voluntarily in the transaction. Purchaser believes that pursuing the Offer at this time will be advantageous considering that Purchaser's leverage position as of June 30, 2025 was at its lowest level compared to any quarter of the Purchaser's last four fiscal years, enabling the settlement of the tendered Class A Common Shares with cash on hand."

"Moreover, if the Minimum Tender Condition is satisfied, and after the statutory period has elapsed, Purchaser will be entitled, but will not be obliged, to give notice to compulsorily acquire and to conduct a compulsory acquisition for the purpose of purchasing Securities held by any remaining holders of the Securities in accordance with Section 88 of the Companies Act. For further information see "—Plans for the Company after the Offer."

The second and sixth paragraphs under the heading "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer—Plans for the Company after the Offer" are hereby amended and restated as follows:

"Moreover, under Cayman Islands law, subject to certain requirements, within four months after the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled, but will not be obliged, to give notice to compulsorily acquire and to conduct a compulsory acquisition at the Offer Price for the purpose of purchasing Securities held by any remaining holders of the Securities, in accordance with Section 88 of the Companies Act. In addition, the Companies Act allows for alternative transactions to a compulsory acquisition, such as a statutory merger and a court-sanctioned scheme of arrangement, which may be available to Purchaser even if the Minimum Tender Condition is not satisfied and has been waived. Following the completion of the Offer, Purchaser may further consider pursuing such alternative methods permitted under Cayman Islands law for the purpose of acquiring Securities held by any remaining holders of the Securities."

"Other than as disclosed in this Offer to Purchase, Purchaser has no current proposals or negotiations that relate to or would result in (i) an extraordinary corporate transaction, such as a merger, reorganization or liquidation involving the Company or any of its subsidiaries, (ii) any purchase, sale or transfer of a material amount of assets of the Company or any of its subsidiaries, (iii) any material change in the Company's present dividend rate or policy or the indebtedness or capitalization of the Company or (iv) any other material change in the Company's corporate structure or business."

The information contained under the heading "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition" is hereby amended and restated as follows:

"Under Cayman Islands law, subject to certain requirements, within four months after the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled, but will not be obliged, to give notice to compulsorily acquire and to conduct a compulsory acquisition at the Offer Price for the purpose of purchasing Securities held by any remaining holders of the Securities, in accordance with Section 88 of the Companies Act.

In addition, the Companies Act allows for alternative transactions to a compulsory acquisition, such as a statutory merger and a court-sanctioned scheme of arrangement, which may be available to Purchaser even if the Minimum Tender Condition is not satisfied and has been waived.

A statutory merger under the Companies Act allows two or more companies to combine and merge pursuant to a plan of merger approved by a special resolution of shareholders of each constituent company to the merger. The plan of merger must be filed with the Registrar of Companies of the Cayman Islands. Upon merger effectiveness, all assets and liabilities of the merging entity(ies) vest in the surviving company by operation of law. Shareholders of the target company who do not support the merger would have statutory rights to dissent, in the manner set out in the Companies Act, and instead seek payment of the "fair value" for their shares as determined by the Grand Court of the Cayman Islands.

A scheme of arrangement under the Companies Act is a court-supervised process that allows a company and its shareholders to agree on a compromise or arrangement that, once sanctioned by the court, becomes binding on all shareholders. To implement a scheme of arrangement, at least two court hearings are required, where the court will (i) first, direct that one or more shareholder meetings be held, with approval requiring a majority in number representing 75% in value of each class of share present and voting either in person or by proxy, and (ii) second (and following shareholder approval), sanction the scheme which will take effect to bind all shareholders, including those that did not vote, or that voted against the scheme of arrangement, and no statutory dissent or appraisal rights shall be available.

Following the completion of the Offer, Purchaser may further consider pursuing such alternative methods permitted under Cayman Islands law for the purpose of acquiring Securities held by any remaining holders of the Securities."

The third paragraph under the heading "Special Factors—Section 9. Interests of Certain Persons in the Offer— Conflicts of Interest" is hereby amended and restated as follows:

"In addition, Lagos Capital Corp. owns 8,040,098, or 51.1%, of the Company's Class A Common Shares (or 9.6% of the Company's common shares, representing 1.2% of the Company's voting rights). Lagos Capital Corp. is beneficially owned by Mr. Luiz Alves Paes de Barros, who controls and is the chairman of Alaska Investimentos Ltda., a shareholder of the Purchaser holding approximately 17% of its outstanding common stock. Alaska Investimentos Ltda. is not party to any arrangement through which control is exercised over the Purchaser. However, Alaska Investimentos Ltda. has two board seats in Purchaser's board of directors, currently occupied by Ms. Angela Regina Rodrigues de Paula Freitas and Mr. Eduardo Christovam Galdi Mestieri. None of the directors of Purchaser appointed by Alaska Investimentos Ltda., nor any other representatives of Alaska Investimentos Ltda., have participated in discussions held by the Purchaser's management or the finance committee of the Purchaser's board of directors relating to the structuring of the Offer, nor negotiated its general terms and conditions, including the offer price, nor voted or expressed an opinion to the Purchaser (including at any committee or board meeting) with regards to the Offer. Moreover, none of Mr. Luiz Alves Paes de Barros, Alaska Investimentos Ltda. or Lagos Capital Corp., or any other associated party, is providing financial or any other support for the Offer or assisting Purchaser in obtaining any financing for the Offer."

The information contained under the heading "The Offer—Section 5. Material U.S. Federal Income Tax Consequences—Tax Consequences to Non-tendering U.S. Holders" is hereby amended and restated as follows:

"If you do not tender your Securities pursuant to the Offer to Purchase, you will not recognize any gain or loss for U.S. federal income tax purposes. In this case, you will have the same adjusted tax basis and holding period in your Securities following the consummation of the Offer to Purchase as you had in your Securities immediately prior to the consummation. However, if your Securities are subsequently purchased or sold pursuant to a compulsory acquisition or another alternative transaction available under Cayman Islands law, as described in "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition," you are urged to consult with your own tax adviser regarding the tax consequences to you of any such subsequent purchase or sale."

The information contained under the heading "The Offer—Section 10. Dividends and Distributions" is hereby amended and restated as follows:

"The Offer Price will be adjusted for any potential dividends or other distributions which may be paid between the date on which the Offer was announced and the Expiration Date of the Offer. To the extent any such dividends or other distributions paid alter consideration for tendered Class A Common Shares, this adjustment may be deemed a material change of the Offer terms, which may, depending on when it occurs, require the Purchaser to extend the Offer by public notice to shareholders."

The second paragraph under the heading "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations" is hereby amended and restated as follows:

"Moreover, under Cayman Islands law, subject to certain requirements, within four months after the making of a public tender offer conducted in respect of a Cayman Islands-incorporated company, if the offer has been approved by holders of not less than 90% in value of the shares affected, the acquirer is entitled to acquire the remaining shares in the manner prescribed by the Companies Act. Following the satisfaction of the Minimum Tender Condition, and after the statutory period has elapsed, Purchaser will therefore be entitled, but will not be obliged, to give notice to compulsorily acquire and to conduct a compulsory acquisition at the Offer Price for the purpose of purchasing Securities held by any remaining holders of the Securities, in accordance with Section 88 of the Companies Act. In addition, the Companies Act allows for alternative transactions to a compulsory acquisition, such as a statutory merger and a court-sanctioned scheme of arrangement, which may be available to Purchaser even if the Minimum Tender Condition is not satisfied and has been waived. Following the completion of the Offer, Purchaser may further consider pursuing such alternative methods permitted under Cayman Islands law for the purpose of acquiring Securities held by any remaining holders of the Securities."

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Transactions

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background" and "Special Factors—Section 9. Interests of Certain Persons in the Offer" is incorporated herein by reference as amended and restated pursuant to Items 2 and 4 hereof.

**(b)-(c) Significant Corporate Events; Negotiations or Contacts**

The information set forth in the Offer to Purchase under the headings "Introduction" and "Special Factors—Section 1. Background" is incorporated herein by reference as amended and restated pursuant to Items 3 and 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Agreements Involving the Subject Company's Securities

The information set forth in the Offer to Purchase under the headings "Introduction," "Special Factors—Section 1. Background" and "Special Factors—Section 9. Interests of Certain Persons in the Offer" is incorporated herein by reference as amended and restated pursuant to Items 3, 2 and 4 hereof respectively.

ITEM 6. PURPOSE OF THE TRANSACTION AND PLANS OR PROPOSALS.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of Securities Acquired

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer," "Special Factors—Section 5. Effects of the Offer" is incorporated by reference in this Item 6(b) of the Schedule 13E-3 as amended and restated pursuant to Items 1 and 4 hereof.

The information set forth in the Offer to Purchase under the heading "Special Factors—Section 6. Conduct of the Company's Business If the Offer Is Not Completed" is incorporated herein by reference.

**(c)(1)-(8) Plans**

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer," "Special Factors—Section 5. Effects of the Offer" and "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations" is incorporated herein by reference as amended and restated pursuant to Items 1 and 4 hereof.

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Purposes

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Special Factors—Section 1. Background" and "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer" is incorporated herein by reference as amended and restated pursuant to Items 1, 2 and 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatives

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background" and "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer" is incorporated herein by reference as amended and restated pursuant to Items 2 and 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reasons

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background" and "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer" is incorporated herein by reference as amended and restated pursuant to Items 2 and 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effects

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet," "Special Factors—Section 1. Background," "Special Factors—Section 2. Purpose of and Reasons for the Offer; Plans for the Company after the Offer," "Special Factors—Section 5. Effects of the Offer," is incorporated herein by reference as amended and restated pursuant to Items 1, 2 and 4 hereof.

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 9. Interests of Certain Persons in the Offer," "The Offer—Section 5. Material U.S. Federal Income Tax Consequences" and "The Offer—Section 12. Possible Effects of the Offer on the Market for Class A Common Shares; NASDAQ Listing; Exchange Act Registration; Margin Regulations" is incorporated herein as amended and restated pursuant to Item 4 hereof.

ITEM 8. FAIRNESS OF THE TRANSACTION.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fairness

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet" and "Introduction," is incorporated herein by reference as amended and restated pursuant to Items 1 and 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Factors Considered in Determining Fairness

The information set forth in the Offer to Purchase under the headings "Summary Term Sheet" and "Introduction," is incorporated herein by reference as amended and restated pursuant to Items 1 and 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Approval of Security Holders

The information set forth in the Offer to Purchase under the heading "The Offer—Section 11. Conditions to the Offer" is incorporated herein by reference, as such information has been amended and restated as follows.

The last paragraph under the heading "The Offer—Section 11. Conditions to the Offer" is hereby amended and restated as follows:

"The foregoing conditions are for the sole benefit of Purchaser and may be asserted by Purchaser or may be waived by Purchaser in whole or in part in Purchaser's discretion. The determination as to whether any condition has occurred shall be in Purchaser's reasonable judgment. The failure by Purchaser at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right and each such right shall be deemed an ongoing right that may be asserted prior to the Expiration Date. In certain circumstances, if Purchaser waives any of the conditions described above, Purchaser may be required to extend the Expiration Date. Any decision as to how Purchaser will proceed following the triggering of a condition to the Offer prior to the Expiration Date (other than a condition the satisfaction of which may be determined only upon expiration of the Offer) would be disclosed to holders of Securities promptly to the extent required by Rules 14d-3(b)(1) and 14d-4(d)(1) under the Exchange Act."

&nbsp;&nbsp;&nbsp;&nbsp;(e) Approval of Directors

The information set forth in the Offer to Purchase under the heading "Summary Term Sheet," "Special Factors—Section 1. Background" is incorporated herein by reference as amended and restated pursuant to Items 1 and 2 hereof.

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS.

**(a)-(b) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal**

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 1. Background" is incorporated herein by reference as amended and restated pursuant to Item 2 hereof.

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| ITEM 10. | SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION. |

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**(a)-(b) Source of Funds; Conditions**

The information set forth in the Offer to Purchase under the heading "The Offer—Section 11. Conditions to the Offer" is incorporated herein by reference as amended and restated pursuant to Items 4 and 8 hereof.

ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities Ownership

The information set forth in the Offer to Purchase under the headings "Special Factors—Section 9. Interests of Certain Persons in the Offer" is incorporated herein by reference as amended and restated pursuant to Item 4 hereof.

ITEM 12. THE SOLICITATION OR RECOMMENDATION.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Intent to Tender or Vote in a Going Private Transaction

The information set forth in the Offer to Purchase under the heading "Special Factors—Section 5. Effects of the Offer—Compulsory Acquisition" is incorporated herein by reference as amended and restated pursuant to Item 4 hereof.

**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.

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| Dated September 24, 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 |

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

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(1)(i)](https://www.sec.gov/Archives/edgar/data/1792829/000095010325012110/dp234816_exa1i.htm) | [Amended and Restated Offer to Purchase, dated September 24, 2025 (incorporated by reference to Exhibit (a)(1)(i) to the Schedule TO filed by Purchaser on September 24, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325012110/dp234816_exa1i.htm) |
| [(a)(1)(ii)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1ii.htm) | [Form of Letter of Transmittal (incorporated by reference to Exhibit (a)(1)(ii) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1ii.htm) |
| [(a)(1)(iii)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1iii.htm) | [Form of Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(1)(iii) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1iii.htm) |
| [(a)(1)(iv)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1iv.htm) | [Form of Letter to Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries (incorporated by reference to Exhibit (a)(1)(iv) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1iv.htm) |
| [(a)(1)(v)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1v.htm) | [Form of Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other Securities Intermediaries (incorporated by reference to Exhibit (a)(1)(v) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1v.htm) |
| [(a)(1)(vi)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1vi.htm) | [Form of Withdrawal Letter (incorporated by reference to Exhibit (a)(1)(vi) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1vi.htm) |
| [(a)(1)(vii)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1vii.htm) | [Summary Advertisement (incorporated by reference to Exhibit (a)(1)(vii) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a1vii.htm) |
| [(a)(5)(i)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a5i.htm) | [Press Release issued by the Purchaser with respect to the announcement of the Offer (incorporated by reference to Exhibit (a)(5)(i) to the Schedule TO filed by Purchaser on September 17, 2025)..](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-a5i.htm) |
| (b) | Not applicable. |
| (c) | Not applicable. |
| [(d)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-d.htm) | [Dealer Manager Agreement, dated as of September 17, 2025, by and between the Purchaser and Itau BBA USA Securities, Inc., as the Dealer Manager (incorporated by reference to Exhibit (d) to the Schedule TO filed by Purchaser on September 17, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325011743/dp234471_ex-d.htm) |
| (e) | Not applicable. |
| (f) | Not applicable. |
| (g) | Not applicable. |
| (h) | Not applicable. |
| [107\*](https://www.sec.gov/ix?doc=/Archives/edgar/data/1792829/000095010325011750/dp234472_exfilingfees.htm) | [Filing Fee Exhibit.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1792829/000095010325011750/dp234472_exfilingfees.htm) |

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\* Filed previously.