2GO Group, the shipping and logistics arm of the Sy family, is going private.
The SM Investments board approved on February 28 a tender offer to buy 378.817 million shares or 15.4 percent of 2GO held by the public.
On the same day, 2GO board chaired by SMIC president Frederic Dybuncio also approved the voluntary delisting of 2GO shares. The tender offer price will be determined by a third party. At its current market price, the public float is worth a total P3.5 billion.
SM initially acquired a 34.5 percent stake in 2GO in 2017. Four years later, SM took control of 2GO after buying out Duterte crony Dennis Uy.
2GO soared by 18 percent to close trading at a two-year high of P9.10.
Trading was halted from 1:25 pm and 2:35 pm after SMIC and 2GO made its disclosure. The company has volunteered to suspend trading on March 1 “to allow the equal access to and consideration of this information.”