Metro Pacific Investments Corp. (MPIC) said it is holding off the shareholders’ vote for its potential delisting pending the submission of the fairness valuation report from a consortium of bidders for publicly-owned shares.
According to MPIC, the bidders – Metro Pacific Holdings, Inc., MIG Holdings Inc., GT Capital Holdings Inc. and Mit-Pacific Infrastructure Holdings Corp. – said the report for the basis of the tender offer price of P4.63 per MPIC shares will not be completed in time for the June 6 annual stockholders meeting.
The bidders were earlier planning to have the report available in advance of MPIC’s shareholders meeting.
“In view thereof, the bidders requested the company to defer the shareholders’ vote to approve the voluntary delisting of the company from the PSE. Instead, they will request for the holding of a special shareholders’ meeting at a later date after the report is finalized,” MPIC said.
“Once the report is finalized, the bidders will deliver to the company a new notice of intent to undertake a tender offer which will supersede the notice of intent to undertake a tender offer dated April 26, 2023,” it added.
The bidders announced its intent to buy the publicly-owned shares of MPIC in April in an all-cash basis, 22 percent over the its one-year volume weighted average price (VWAP) when the offer was made.
Some investors however said the offer price is lowballed compared to what they see as the company’s fair price.
