MCO to start tender offer for Melco PH shares on Oct. 31
The controlling shareholder of Melco Resorts & Entertainment Philippines will finally launch its tender for the remaining shares held by small investors on Oct.31.
In a filing with the stock exchange, Melco Resorts said parent firm MCO Philippines’ tender offer covers as many as 1.57 billion shares.
MCO retained its tender offer price of P7.25 per share despite strong opposition from minority shareholders who felt that the price was too low.
It is pushing through with the tender offer to increase its shareholding in in Melco Resorts.
While shareholders and investors of Melco Resorts are entitled to express their views on what constitutes a “fair price” under the tender offer, the other minority shareholders are equally entitled to decide for themselves to tender their shares, MCO said.
MCO said any further unnecessary delay or disruption to the tender offer would essentially deprive Melco Resorts shareholders of their entitlements and rights.