SM Investments Corp. said it will be making a tender offer for the publicly-owned shares of 2Go Group Inc. after it agreed to acquire the 22.36 percent stake of KGLI-NM Holdings Inc. in the listed logistics firm for P4.68 billion.
The acquired stake amounts to 550.56 million common shares, sold at P5.80 per share.
“This transaction will result in the increase of SMIC’s current shareholder in 2Go from 30.49 percent to approximately 52.85 percent,” it said.
SM Investments said its tender offer, as required by the Securities Regulation Code for any entity that acquires a controlling stake in another company, will run March 22, 2021 until April 21, 2021.
The tender offer will also be at the same price of P8.50 per share.
Chelsea Logistics and Infrastructure Holdings Corp., mother company of KGLI-NM Holdings Inc., last week announced the sale of the stake in the logistics company.
Chelsea said proceeds from the sale will be used to repay the loan used to acquire a majority stake in 2Go in 2017. The sale is expected to be completed in three months.