Liberty Telecoms' minority shareholders accept P2.20 per share offer
MANILA, Philippines – Liberty Telecoms Holdings, Incorporated will bid goodbye to the Philippine Stock Exchange (PSE) in early November, after its minority shareholders accepted the P2.20 per share offer of its parent company Vega Telecom Incorporated, owned by PLDT Incorporated and Globe Telecom Incorporated.
Liberty Telecoms told PSE in a tender offer report that a total of 107.012 million common shares – representing 8.7% of the company's issued and outstanding common shares held by minority investors – participated in the tender offer.
"Accordingly after the completion of the tender offer, Vega Telecom shall hold 1.234 billion common shares of 95.45% of the issued and outstanding common stock of Liberty Telecoms," said the company, which was listed in 1994 by its former owner San Miguel Corporation.
Many minority shareholders of Liberty Telecoms participated in the tender offer, despite earlier petitions for the Securities and Exchange Commission to review the valuations and the tender offer process involving the firm.
The tender shares will be crossed at the PSE no later than November 10, while the settlement date has been set not later than November 15.
Liberty Telecoms has offered to acquire 165.833 million common shares, representing 12.82% owned by minority shareholders at P2.20 per share.
This was after PLDT and Globe jointly acquired Vega Telecom from San Miguel in a P70-billion deal. (READ: Liberty Telecoms to delist from PSE after San Miguel telco buyout)
After the completion of the tender offer, the public ownership of Liberty Telecoms will drop below the 10% minimum requirement of the local bourse.
This means that the telco will also be automatically delisted from the exchange.
The share price of Liberty Telecoms on Tuesday, October 25, closed lower by 3% to P1.96 per share. – Rappler.com