Bilyonaryo Manuel Villar?s Vista Land and Lifescapes Inc. has completed the tender offer for the minority shares of subsidiary Starmalls Inc.
Based on the report of Maybank ATR Kim Eng Securities Inc., a total of 6.676 million Starmall shares were tendered of which 3.23 million hares will be settled under the cash payment option while 3.445 million Shares will be settled under the reinvestment option.
The tendered shares will be purchased by Vista Land by way of a block sale through the facilities of the Philippine Stock Exchange on February 23 subject to the approval of the PSE.
On the other hand, an estimated 2.119 million shares of Vista Land will be transferred to tendering shareholders under the reinvestment option
Tendering shareholders under the cash payment option or the reinvestment option shall receive the net proceeds of the tender or sale of their Starmalls shares on February 24.
The tendered shares represent 0.079 percent of the total outstanding common shares of Starmalls bringing the company?s public float to approximately 11.66 percent.
Last November, Vista Land announced it will acquire 88.25 percent of the outstanding common capital stock of Starmalls from the Fine Group composed of Fine Properties, Inc., Althorp Holdings Inc., Manuela Corp., Manuel Paolo A. Villar, and Manuel B. Villar Jr. for a total of P33.53 billion.
In exchange, the Fine Group is buying an additional P32.89 billion worth of Vista Land shares.
Starmalls owns and operates 10 retail malls in key cities and municipalities, and two business process outsourcing (BPO) commercial centers in Metro Manila. It also has four malls and one BPO building currently under construction.