# EDGAR Filing Document

**Accession Number:** 0001792829
**File Stem:** 0000950103-25-015994
**Filing Date:** 2025-12
**Character Count:** 19025
**Document Hash:** 9846a6fd3240f83eb31ba97921d63dc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-015994.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0000950103-25-015994

**CONFORMED SUBMISSION TYPE**: SC TO-T/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**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-T/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91599
- **FILM NUMBER:** 251563722

**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-T/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

<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**

**(Amendment No. 5)**

**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**

☐ 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)

**EXPLANATORY NOTE**

This Amendment No. 5 ("Amendment No. 5") amends and supplements the Tender Offer Statement on Schedule TO 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, subsequently amended and restated on September 24, 2025 and further amended on October 16, 2025, October 29, 2025 and November 28, 2025 ("Schedule TO"), 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 (the "Company"), traded on the Nasdaq Global Select Market ("NASDAQ"), excluding those Class A Common Shares held, directly or indirectly, by the Purchaser, upon the terms and subject to the conditions set forth in the Offer to Purchase (as amended or supplemented from time to time, the "Offer to Purchase"), a copy of which was filed as Exhibit (a)(1)(A) to the Schedule TO. The Offer to Purchase and the related Letter of Transmittal (as amended or supplemented from time to time, the "Letter of Transmittal"), copies of which are attached to this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively, together, as amended or supplemented from time to time, constitute the "Offer". Unless otherwise defined herein, capitalized terms used in this Schedule TO shall have the meaning given to them in the Offer to Purchase.

Only those items amended are reported in this Amendment No. 5. Except as amended hereby to the extent specifically provided herein, the information contained in the Schedule TO, the Offer to Purchase, and the other exhibits to the Schedule TO remains unchanged and is hereby expressly incorporated into this Amendment No. 5 by reference. This Amendment No. 5 should be read with the Schedule TO and the Offer to Purchase.

Unless otherwise defined herein, capitalized terms used in this Amendment No. 5 shall have the meaning given to them in the Offer to Purchase.

**Item 11. Additional Information.**

Item 11 of the Schedule TO is hereby amended and supplemented as follows:

On December 11, 2025, the Purchaser issued a press release announcing the final results of the Offer, which expired at 5:00 p.m., New York City time, on December 10, 2025. A copy of the press release is incorporated by reference herein as Exhibit (a)(1)(iv) to the Schedule TO.

Equiniti Trust Company, LLC, the tender agent for the Offer, has advised The Purchaser that a total of approximately 15,526,020 Class A Common Shares were validly tendered into the Offer and not validly withdrawn, representing approximately 97.21% of the outstanding Class A Common Shares. In addition, Notices of Guaranteed Delivery have been delivered for 12,855 Class A Common Shares. As of the Expiration Date, all conditions to the Offer have been satisfied or waived. The Purchaser has accepted for payment, and expects to pay on December 15, 2025, an aggregate amount of U.S.$77.7 million for all such Class A Common Shares validly tendered and not validly withdrawn, in accordance with the terms of the Offer (excluding fees and other expenses related to the Offer). After giving effect to the purchase of the Class A Common Shares in the Offer, The Purchaser will own 97.29% of the outstanding Class A Common Shares.

Following the consummation of the Offer, The Purchaser intends to (i) cause all Class A Common Shares to be delisted from the NASDAQ and deregistered under the Securities Exchange Act of 1934 and (ii) subject to applicable requirements under the laws of the Cayman Islands, conduct either a statutory merger, a court-sanctioned scheme of arrangement or a compulsory acquisition at the Offer Price for the Class A Common Shares held by any remaining holders.

**Item 12. Exhibits**

Item 12 and the Exhibit Index of the Schedule TO are hereby amended and supplemented by adding the following exhibit:

(a)(1)(iv) Press Release issued by the Purchaser with respect to the announcement of final results of the Offer.

**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 December 11, 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 INDEX**

---

| | |
|:---|:---|
| **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) |
| [(a)(5)(ii)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325013239/dp235908_exa5ii.htm) | [Press Release issued by the Purchaser with respect to the extension of the expiration date of the Offer (incorporated by reference to Exhibit (a)(5)(ii) to the Schedule TO filed by Purchaser on October 16, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325013239/dp235908_exa5ii.htm) |
| [(a)(5)(iii)\*](https://www.sec.gov/Archives/edgar/data/1792829/000095010325013779/dp236432_exa5iii.htm) | [Press Release issued by the Purchaser with respect to the second extension of the expiration date of the Offer (incorporated by reference to Exhibit (a)(5)(iii) to the Schedule TO filed by Purchaser on October 29, 2025).](https://www.sec.gov/Archives/edgar/data/1792829/000095010325013779/dp236432_exa5iii.htm) |
| [(a)(5)(iv)](dp238640_ex99a5iv.htm) | [Press Release issued by the Purchaser with respect to the announcement of final results of the Offer.](dp238640_ex99a5iv.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\* | Filing Fee Exhibit. |

---

\* Previously Filed

## Ex-99.A5Iv

**Exhibit (a)(5)(iv)**

![](image_001.jpg)

**NEWS RELEASE**

**FOR IMMEDIATE RELEASE**

**Cogna Educação S.A. Announces Final Results of the Offer to Purchase** 

**All Outstanding Class A Common Shares of Vasta Platform Limited**

**BELO HORIZONTE, DECEMBER 11, 2025**— **COGNA EDUCAÇÃO S.A.** (B3: COGN3), a company organized under the laws of the Federative Republic of Brazil ("Cogna"), today announced the final results of its previously announced all cash tender offer (the "Offer") pursuant to an offer to purchase dated September 17, 2025 (as subsequently amended and restated on September 24, 2025 and further amended on October 16, 2025, October 29, 2025 and November 28, 2025, the "Offer to Purchase") any and all of the outstanding Class A common shares, par value U.S.$0.00005 per share (the "Class A Common Shares"), traded on the Nasdaq Global Select Market ("NASDAQ"), of Vasta Platform Limited, a Cayman Islands exempted company with limited liability ("Vasta"), other than any Class A Common Shares held, directly or indirectly, by Cogna, at a price equal to U.S.$5.00 per Class A Common Share (the "Offer Price"). The Offer expired at 5:00 p.m., New York City time, on December 10, 2025 (the "Expiration Date").

Equiniti Trust Company, LLC, the tender agent for the Offer, has advised Cogna that a total of approximately 15,526,020 Class A Common Shares were validly tendered into the Offer and not validly withdrawn, representing approximately 97.21% of the outstanding Class A Common Shares. In addition, Notices of Guaranteed Delivery have been delivered for 12,855 Class A Common Shares. As of the Expiration Date, all conditions to the Offer have been satisfied or waived. Cogna has accepted for payment, and expects to pay on December 15, 2025, an aggregate amount of U.S.$77.7 million for all such Class A Common Shares validly tendered and not validly withdrawn, in accordance with the terms of the Offer (excluding fees and other expenses related to the Offer). After giving effect to the purchase of the Class A Common Shares in the Offer, Cogna will own 97.29% of the outstanding Class A Common Shares.

Following the consummation of the Offer, Cogna intends to (i) cause all Class A Common Shares to be delisted from the NASDAQ and deregistered under the Securities Exchange Act of 1934 and (ii) subject to applicable requirements under the laws of the Cayman Islands, conduct either a statutory merger, a court-sanctioned scheme of arrangement or a compulsory acquisition at the Offer Price for the Class A Common Shares held by any remaining holders.

The Offer was made in accordance with the terms and subject to the conditions described in the Offer to Purchase, the related letter of transmittal and other related materials, as amended or supplemented from time to time, filed as part of the Offer statement on Schedule TO that Cogna initially filed on September 17, 2025 and subsequently amended on September 24, 2025, October 16, 2025, October 29, 2025 and November 28, 2025 with the Securities and Exchange Commission ("SEC") (collectively, the "Tender Offer Documents").

The information agent for the Offer was D.F. King & Co., Inc. The tender agent for the Offer was Equiniti Trust Company, LLC. The dealer manager for the Offer was Itau BBA USA Securities, Inc.

**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.

**ADDITIONAL INFORMATION REGARDING THE OFFER AND WHERE TO FIND THEM**

This press release is for informational purposes only. This press release is not a recommendation to buy or sell Class A Common Shares or any other securities of Vasta, and it is neither an offer to purchase nor a solicitation of an offer to sell Class A Common Shares or any other securities of Vasta. Cogna has filed the tender offer statement on Schedule TO, including the Offer to Purchase, the related letter of transmittal and other related materials, with the SEC on September 17, and subsequently amended it on September 24, 2025, October 16, 2025, October 29, 2025 and November 28, 2025. Shareholders should read carefully these materials (including the Offer to Purchase, the related letter of transmittal and other related materials) because they contain important information, including the various terms of, and conditions to, the Offer.

Shareholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the Offer to Purchase, the related letter of transmittal and other related materials that Cogna has filed with the SEC at the SEC's website at www.sec.gov. In addition, free copies of these documents may be obtained by contacting D.F. King & Co., Inc., the information agent for the Offer, toll-free at (800) 659-5550 (in North America) or (212) 269-5550 (outside North America) or email to vasta@dfking.com.