Dito’s P77B share swap gets board approval

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    Dito CME Holdings Corp. yesterday said it has approved the terms for the acquisition of Udenna Communications Media and Entertainment Holdings Corp. (Udenna CME) which is set to be completed before yearend.

    In a disclosure to the stock exchange, Dito CME said its board approved the acquisition of Udenna CME involving a share-for-swap with Udenna Corp., in exchange for 11,200,000,000 shares of Dito CME at an issue price of approximately P6 to P6.90 per share.

    The transaction could cost up to P77.28 billion.

    Dito CME said the objective of the acquisition is for it to hold indirect interest in Dito Telecommunity Corp., the entity named as the new major player in the telecommunications industry.