SM Group walks away from Goldilocks takeover bid
The proposed takeover of Goldilocks Bakeshop by the family of bilyonaryo Henry Sy Sr. Has been called off, just three weeks after it received the green light from the country’s anti-trust watchdog.
In a statement, SM Investments Corp. said the decision to no longer pursue the deal was mutual.
“Regarding the proposed acquisition by SM Retail of Goldilocks, both SM and Goldilocks have jointly agreed not to pursue the transaction given changes in the general business environment,” SM said.
In an interview with ABS-CBN News, Philippine Competition Commission chairman Arsenio Balisacan said they were informed by SM about the aborted deal.
“It’s completely a business decision on their part,” Balisacan said.
The PCC approved the proposed transaction after the SM Group committed to resolve possible issues on data protection and tenant discrimination.