Realtor 8990 Holdings Inc. announced yesterday that its mother company 8990 Housing and Development Corp. will have its tender offer for publicly-listed shares start today, and will run until September 30, in time for a delisting eyed by October 9.
8990 Housing and Development is offering to buy the shares, except that which is held by IHoldings Inc., Kwantlen Development Corp., and shareholders Mariano Martinez and Luis Yu, Jr., and shares held by company directors, at an offer price of P10.42 per share.
In order to push through, 8990 Housing and Development’s group need to own 95 percent of the realtor’s total issued and outstanding shares of stocks. 8990 has a public float of 11.07 percent.
The tender offer price is a 19.33 percent premium over the company’s one-year volume weighted average prices (VWAP) of the company’s share price when first announced in July and is at the highest end of the range of the valuation report prepared by MIB Capital Corp.
In announcing the planned voluntary, the company’s Board of Directors argued that it will “unlock the intrinsic value of the company’s business and assets, which does not seem to be fully appreciated by the market based on the historical trading price of the company’s shares on the PSE.”
