The Philippine stock exchange regulator, the SEC, has reportedly launched an investigation into the tender offer price offered by Philippine Long Distance Telephone (PLDT) for all outstanding Digitel shares.
Business World cited an SEC official saying…
The Philippine stock exchange regulator, the SEC, has reportedly launched an investigation into the tender offer price offered by Philippine Long Distance Telephone (PLDT) for all outstanding Digitel shares.
Business World cited an SEC official saying that the regulator would investigate potential irregularities in the offer.
The move follows a complaint by minority shareholders, who claim that the PhP1.6033 (US$0.03) offered by PLDT for each outstanding share does not reflect the true value of the shares. The minority shareholders have called for the SEC to order PLDT to pay PhP 21.12 (US$0.48) instead.
In a recent stock exchange announcement, PLDT dismissed the claims by the minority shareholders, arguing that the tender offer price of P1 .6033 per share is the same price that was paid when PLDT acquired a 51.5% stake in Digitel from JG Summit last year.
A hearing of minority shareholders is scheduled to take place Friday, Business World said, referring to a counsel speaking for the minority shareholders.
PLDT recently extended its offer to minority shareholders from 9 January to 16 January.
