San Miguel to launch tender offer after acquisition of Liberty
abs-cbnNEWS.com | 06/04/2009 6:37 PM
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MANILA - Diversified conglomerate San Miguel Corporation (SMC) said Thursday it will do a mandatory tender offer to public shareholders once it buys 49 percent of Liberty Telecoms Holdings Inc.
"We will not do anything to avoid a tender offer. Once SMC announced the deal is done, we will immediately do that," said SMC president and chief operating officer Ramon Ang.
Under the Securities Regulation Code, a company that buys at least 35 percent of a certain entity must do a tender offer, or offer to buy the shares of the other shareholders at the same share price it bought the stake.
SMC recently approved the acquisition of a 49-percent stake in publicly traded Liberty Telecoms and an equity-restructuring program that would allow shareholders to exchange common shares into preferred shares.
"The board authorized management to acquire approximately 32.7 percent of Liberty from existing stockholders for an estimated amount of P2.2 billion and pursue the acquisition of the balance of the investment in coordination with its joint-venture partner Qatar Telecom (Qtel) QSC," the company said.
Qtel earlier purchased a 27.12-percent stake in Liberty Telecom through subsidiary wi-Tribe Asia Ltd.
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