AsiaBest Tender Offer Report is delayed

AsiaBest [ABG suspended] [link], the company being targeted by Premiumlands Corp (PLC) for a backdoor listing, notified the exchange that the Tender Offer Report will be late due to a delay in the finalization of the fairness opinion report from PLC. ABG didn’t provide any guidance on the updated timeline, only that it would be “disclosed accordingly”.

  MB BOTTOM-LINE:  The fairness opinion report is something that PLC needs to have before it’s able to author the Tender Offer Report, because it directly informs PLC on the minimum per-share tender offer price. Knowing what I know about this period for accountants (this is a really busy time), it’s hard to read too far into this delay without knowing more. These reports can be a lot more collaborative than one might imagine, and if this engagement required additional data or collaboration, then the usual array of human errors and misunderstandings that lead to delays is in play. I’m not putting it on my calendar until I see the Tender Offer Report.

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.