Metro Pacific Investment Corp., a diversified infrastructure company, said Thursday it agreed to postpone the shareholders meeting scheduled on June 6 to vote on the approval of its delisting from the Philippine Stock Exchange.
Metro Pacific said the postponement was sought by major shareholders and the consortium formed to buy out minority shareholders of the listed company for an estimated P49 billion.
The consortium, which includes Metro Pacific Holdings, Inc., MIG Holdings Incorporated, GT Capital Holdings, Inc. and Mit-Pacific Infrastructure Holdings Corp., offered to buy stocks held by minority shareholders at P4.63 a share on an all-cash basis. The price, the consortium said, was a 22 percent premium over the one-year volume weighted average price of Metro Pacific’s shares prior to the tender.
Some investor groups, including fund managers, have criticized the offer as a lowball price.
Metro Pacific said the consortium of bidders wanted the vote deferred until after the distribution to shareholders of the Fairness Opinion and Valuation Report on the company they commissioned. The report was supposed to have been distributed before the June 6 meeting but has yet to be finalized.
“Once the report is finalized, the bidders will deliver to the company a new notice of intent to undertake a tender offer which will supersede the notice of intent…dated April 26, 2023 and a copy of the report will be available to shareholders ahead of the special stockholders meeting,” Metro Pacific said.
