Bilyonaryo - Business

Sy-blings set P5.5 billion tender offer for 2Go shares

March 6, 2023

Bilyonaryo.com

SM Investments Corp. of the bilyonaryo Sy family, announced a P5.5 billion tender offer to buy out all minority stockholders of its shipping and logistics subsidiary 2Go Group Inc.

In a stock exchange filing, SMIC said its board set the tender offer price at P14.64 per share of 2GO, which it said was based on the fairness valuation report prepared by BPI Capital Corporation.

According to SMIC, the offer will run from March 15 to April 28 this year while the payment and settlement of the tendered shares has been set from May 2 to 10.

2GO requested for voluntary suspension of the trading of its shares following the disclosure of the terms of the tender offer to allow the investing public equal access to and consideration of this information.

SMIC has offered to acquire all 378.817 million shares or 15.4 percent of 2GO held by minority shareholders in line with its goal to take the logistics firm private.

2GO shares have surged 50.8 percent since the company announced plans to voluntarily delist from the Philippine Stock Exchange last February 28. The stock was last traded at P11.64 on March 3.

SMIC 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.

ALSO READ: 2 years after buying out Dennis Uy: Sy-blings to delist 2GO in tender offer to acquire P3.5B shares

Related News Tags: 2GO, 2GO Group Inc., SM Investments Corp.

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