Travellers International Hotel Group began its tender offer to public shareholders on Monday, with the aim of delisting from the Philippine Stock Exchange.
The offer will run through to Sept. 23rd unless it is extended.
The company, which operates Resorts World Manila, is bidding for more than 1.58 billion shares that are not held by its non-public shareholders, which include Alliance Global, Megaworld, First Centro, Adam Properties and Asian Travellers among others.
The tender price is PHP5.5 ($0.11) a share, for a total of PHP8.69 billion if all stocks are tendered. The company needs acceptance of at least 838.2 million for the offer to proceed.
Travellers announced its plans to delist on August 14th, saying it wanted to avoid disclosing its business strategy to competition.