Melco Resorts and Entertainment (Philippines) says it will go ahead with its privatization-related tender offer despite concerns raised by its minority shareholders.
Earlier this month, MRP announced plans to delist from the Philippine Stock Exchange, announcing that MCO (Philippines) Investments would 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.
However, analysts quoted in a Business World report in September said that the tender offer price was ‘unfair’, forcing the company to defend its rationale and defer its tender offer by approximately two weeks.
However, on Thursday, Melco released a filing to the PSE essentially saying that while “shareholders and investors of MRP are entitled to express their views on what constitutes a “fair price” under the Tender Offer,” that “any further delay or disruption to the tender offer will essentially deprive MRP shareholders of their entitlements and rights to participate in the offer.”
Melco said that minority shareholders of MRP are entitled to decide for themselves and if thought fit, to tender their MRP shares in the Tender Offer.