MCO (Philippines) Investments, the company planning to privatize Melco Resorts Philippines (MRP) says it will be deferring its tender offer by approximately two weeks.
According to a filing from Melco Resorts Philippines, the company was informed that the initial tender offer of up 1.6 billion shares held by the public, scheduled for October 3, has been deferred by a period of approximately two weeks “or until such time that it otherwise determines.”
No reason was given for the deferral, but MRP said it will file an Amended Tender Offer Report at the appropriate time.
MRP’s request to delist from the PSE was first announced in September 2018. According to the filings made in September, MCO currently owns 72.77 percent of outstanding MRP shares, and will aim to acquire all outstanding shares for a consideration of up to P11.4 billion (US$25.9 million) at a price of P7.25 per share.
MCO said the voluntary delisting of MRP will allow it to consolidate its interests in MRP and to better support MRP’s future business plans.
However, late the in the month, the price per share became a point of contention amongst industry observers, who cried foul over the “unfair” price – which they said came in at just around half its initial share sale price in 2013.
Melco in media clarification filing defended the price, saying that its tender offer price fell within the fair value range calculated by FTI Consulting Philippines, a company accredited by both the PSE and the Securities and Exchange Commission.