SEC allows PLDT to move tender offer deadline to January 16

Rappler.com
PLDT says the extension will allow other Digitel minority shareholders, including those who have recently filed a complaint, to still sell their shares

MANILA, Philippines – Minority shareholders of Digital Telecommunications Inc. have up to January 16, 2012 to avail of the tender offer from Philippine Long Distance Telephone Company (PDLT).

In an en banc meeting on Thursday, Jan. 5, 2012, the Securities and Exchange Commission approved the petition of PLDT to extend the offer deadline, which was originally set for January 9, 2012. 

PLDT, which acquired the controlling 51.5% stake of the Gokongwei group for P69.2 billion, started offering to buy the shares of the remaining Digitel shareholders since Dec. 7, 2011. 

However, as of Tuesday, Jan. 3, 2011, only shareholders with 69.90 million shares have availed of the tender offer. These represent only 2.26% percent of the total shares held by minority shareholders.

PLDT sought the extension “to allow more time for minority shareholders holding 3,079,840,418 Digitel shares representing 48.45% to tender their shares considering the non-working holidays between the launch of the Tender Offer and the Original Closing Date.”

On Wednesday, Jan. 4, 2012, four minority Digitel shareholders filed a complaint against PLDT before the SEC over the tender offer price. They said they want to be paid P21.12 per share, which was they claimed was what PLDT paid the Gokongwei group, instead of the offer price of P1.60 each.  – Rappler.com

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