Minority shareholders of Philippine operator Digitel have tendered their shares to PLDT at the offer price of PhP1.6 (US$0.03) rather than the PhP21.12 (US$0.48) they were asking for, according to local newspaper the Business Mirror.
However, the…
Minority shareholders of Philippine operator Digitel have tendered their shares to PLDT at the offer price of PhP1.6 (US$0.03) rather than the PhP21.12 (US$0.48) they were asking for, according to local newspaper the Business Mirror.
However, the tender has been made under protest, Leah Lumaniog-Sy, legal counsel of four Digitel minority stockholders, was quoted saying.
The tender offer closed on 16 January after the deadline was extended by a few days from 9 January.
Following the acquisition by PLDT of majority stake in Digitel in October, about 48.45% of the issued capital of the mobile operator was still outstanding.
Shortly after, PLDT offered to pay PhP1.6033 (US$0.03) for each remaining share. But minority shareholders asked the Philippine Stock Exchange regulator (SEC) to order PLDT to dramatically improve the tender offer.
Subsequently, the SEC reportedly launched an investigation into the tender offer price. Results of the investigation are yet to be disclosed.
