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City of Dreams, operator of Manila, Melco Resorts and Entertainment, changes course with its intention to leave the list of listed companies, after minority shareholders have complained about the value of the offer price of the company. Casino operator for their actions.
In a stock market statement on Friday, Melco Resorts announced that it had informed the Philippine Stock Exchange (PSE) on 19 October of its intention not to proceed with a voluntary delisting as indicated last month.
But he noted that the tender offer of 1.57 billion ordinary shares, representing more than 27% of the company's capital, would be launched on a date that has not yet been fixed.
If MCO (Philippines) Investments Ltd., the majority shareholder of Melco Resorts, buys sufficient shares for the float to fall below the 10% minimum required by the ESP, this will open up Melco Resorts to involuntary delisting procedures.
Under the PES rules, companies withdrawn from their list will not be allowed to become a public company again for five years.
In its stock market Friday, Melco Resorts announced that it was changing the main reason why it had launched a public takeover bid. Instead of seeking voluntary delisting, it will be amended to "increase the issuer's interest in the issuer".
Due to the change, the date of the initial offer from October 22 of this year will be postponed to a later date.
Melco Resorts said on Sept. 10 that the price of the takeover bid had been set at 7.25 pesetas per share, a total of 11.38 billion pesos.
The company had previously defended the bid price, saying it was 14% higher than the weighted average price over three months.
Minority shareholders, on the other hand, said that the price of the public tender offer was too low and did not reflect the true value of the company.
Shares of Melco Resorts closed up 1.57%, reaching 7.11 pesetas per share at Friday's close. -MIGUEL R. CAMUS
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