Zamora-Bitanga group snaps PT&T for P265M, will comply with tender offer rule
Private holding firm Menlo Capital Corp. acquired 70.05 percent of Philippine Telegraph and Telephone Corp. from the Santiago family for P264.88 million.
In a filing with the stock exchange, PT&T said the deal, which involved the sale of 559.995 million shares of the company to a group led by Salvador “Buddy” Zamora II and Benjamin Bitanga, was consummated on Aug. 25.
The transaction will allow Menlo to revive PT&T as a major player in the highly-competitive telecoms industry.
PT&T said the new management would comply with the mandatory tender offer rule, if necessary, upon the llifting of the voluntary suspension of trading of the company’s shares at the exchange.
Under the securities law, any person or group acquiring at least 35 percent of the outstanding voting shares of a public company is mandated to make a tender offer for the shares held by minority investors.