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MANILA, Philippines – Minority shareholders of Mariwasa SIAM Holdings snubbed a heavily discounted tender offer from the group of Puregold owner Lucio Co.
In a filing with the Philippine Stock Exchange (PSE) on Thursday, May 2, Co-led Invescap, Inc. announced that no shares were tendered at the end of the offer period on April 24.
Co, who acquired an 85% stake in the company last March, set an offer price of P0.03059 per share for the remaining shares held by the public. The price is much lower than the stock’s current value of P3.59 per share.
Co’s purchase agreement with majority shareholders Klarence Dy, Glenn Paul Garcia, Gilpatrick R. Garcia and Alfonso Anggala involved the acquisition of 956 million shares. The deal, which was subject to a tender offer, was also priced at P0.3059 per share for a total consideration of P292.5 million.
Co reportedly plans on using Mariwasa as a backdoor listing vehicle for power-related ventures.
The SEC also approved a request to change Mariwasa’s corporate name to Da Vinci Capital Holdings. Co’s other businesses include supermarket chain Puregold Price Club Inc. and holding firm Alcorn Gold Resources Corp. – Rappler.com
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