Metro Pacific Investments Corp. (MPIC), the infrastructure conglomerate led by bilyonaryo Manny V. Pangilinan, anticipates that the tender offer process for the acquisition of all publicly-held shares in the company will commence immediately following its annual stockholders’ meeting in early June.
According to a filing with the stock exchange, MPIC said that obtaining shareholder approval during the ASM on June 6 will pave the way for the initiation of the tender offer.
“Assuming that the voluntary delisting is approved by the shareholders on June 6, 2023, we understand that the bidders intend to begin the tender offer process immediately,” MPIC said, further noting that the tender offer period will take at least 20 business days.
MPIC clarified, however, that securing shareholder approval for a voluntary delisting is distinct from shareholders’ decision to participate in the tender offer process. The company emphasized that the determination to proceed with delisting hinges on reaching the 95 percent tender offer acceptance threshold for voluntary delisting or securing exemptive relief from the Philippine Stock Exchange (PSE).
Furthermore, MPIC pointed out that shareholders who vote in favor of delisting at the ASM are not obliged to tender their shares if they find the terms of the tender offer unsatisfactory.
MPIC underscored that these are separate considerations that shareholders must evaluate.
To provide shareholders with additional time to deliberate on the specific agenda item, MPIC extended the deadline for proxy submission from May 30 to June 2, 2023.
MPIC acknowledged the requests for the independent third-party valuation report to be made public ahead of the ASM and conveyed these requests to the bidders.
Its key shareholders, including Metro Pacific Holdings, GT Capital Holdings, Mit-Pacific Infrastructure Holdings Inc., and MIG Holding, have proposed to repurchase MPIC shares at P4.63 each.