Belle Corp. said it offers to buy the publicly-owned shares in Premium Leisure Corp. (PLC) at P0.85 per share.
Belle earlier announced a plan to delist the gaming firm which holds the license to the City of Dreams complex in Entertainment City.
The offer is lower than the P0.92 price PLC was trading in before the tender offer price was announced.
Belle said the tender offer price was based on the fairness valuation report prepared by First Metro Investment Corp.
With Belle owning 78.75 percent of PLC, Belle is estimated to acquire as much at P5.63 billion in capitalization of PLC. The offer is set to run between March 22 and April 24.
The payment and settlement of the shares to be tendered are set from April 25 to May 9, with BDO Securities Corp., it said.
The Philippine Stock Exchange rules on delisting requires that a party must show it has acquired at least 95 percent of the outstanding capital stock of the listed company.
“For this reason, Belle’s tender offer for the shares of PLC will be deemed withdrawn in the event that the required acquisition of at least 95 percent of PLC’s outstanding capital stock will not be secured,” the company said.
