THE board of directors of SM Investments Corp. has set the tender offer price of 2GO Group, Inc. shares at P14.64 per common share, the companies both disclosed to the stock market on Monday.
2GO’s common share price was based on the fairness valuation report issued by BPI Capital Corp.
The company also said that it is setting the tender offer period from March 15 to April 28, 2023; while its payment and settlement of the tendered shares were set from May 2 to 10, 2023.
In an earlier disclosure, SM Investments said that its board of directors approved the tender offer for 2GO shares for up to 378,817,279 common shares, which constituted 15.39% of the issued and outstanding common capital stock of the subsidiary.
The tender offer was subject to an independent third-party fairness opinion under BPI Capital as the independent third-party valuation provider. The company also tapped BDO Securities Corp. as the tender offer agent.
The offer prompted 2GO to voluntarily suspend trading activities under the approval of the Philippine Stock Exchange (PSE) on Feb. 28, 2023. The trading suspension was from March 1, 9 a.m. to the next day at 9 a.m.
Additionally, 2GO’s board of directors approved the voluntary delisting of shares from the main board of the PSE.
Meanwhile, in a separate disclosure from 2GO, the exchange approved another request from the subsidiary to suspend trading on Monday as SM Investments released its valuation for the share price.
2GO has requested for voluntary suspension of the trading of its shares at the PSE during all trading hours of March 6, 2023, “to allow the investing public equal access to and consideration of this information,” 2GO said in a disclosure to the stock market.
On the stock market on Monday shares in SM Investments rose by 1.12% or P10 to close at P886 apiece. — Adrian H. Halili