The Hortaleza family-led Splash Corp. has asked the Philippine Stock Exchange to extend by 15 days the tender offer period for shares held by minority investors to facilitate its delisting from the bourse.
From the original deadline of Sept. 20, Splash wants it moved to Oct. 5 to give shareholders ?more time to consider their options.? It aims to have its shares stricken off the bourse on Oct. 7.
The Hortaleza family-led Splash Corp. has requested to be stricken off the roster of the Philippine Stock Exchange effective Oct.7.
Personal care and food firm Splash offered to buy all 158.45 million shares held by minority shareholders at P3,10 per share for a total of P491.2 million. The shares represent 26.66 percent of the company?s issued and outstanding stock.
The conduct of a tender offer is among the requirements set by the PSE for companies applying for delisting of their shares from the PSE. It gives minority shareholders a chance to exit the company and realize their profits.
