ADI to offer 2.99-M Alphaland shares
MANILA, Philippines – Alphaland Development Inc. (ADI) intends to acquire the entire outstanding capital stock of Alphaland Corp. owned by minority holders at a total price of P27.038 million as part of the involuntary delisting sanctioned by the Philippine Stock Exchange.
In a disclosure to the local bourse, Alphaland said ADI has filed both to the PSE and the Securities and Exchange Commission the latter’s intention to acquire all of Alphaland’s 2.994 million outstanding common shares.
“ADI has voluntarily agreed to undertake a tender offer for all shares held by retail or non-strategic shareholders of Alphaland as of Jan. 24, 2014,” Alphaland said.
The offer price for the acquisition of shares is set at P9.03 per share, payable in cash and in full on the settlement date set on Oct. 22.
Commencement of the tender offer is on Sept. 17 and will end on Oct. 15.
The PSE recently came out with a decision to kick out Alphaland from its roster of listed companies to serve as penalty for violating disclosure requirements.
Alphaland was given 60 days to complete the tender offer.
A tender offer has been required by the local bourse in consideration of the minority shareholders of Alphaland as well as “for the maintenance of a fair and orderly market.”
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