MerryMart Consumer Corp. is set to leave the stock market as parent group DoubleDragon Corporation moves to fully absorb the retailer in a consolidation play that underscores the growing push among Philippine conglomerates to streamline operations, unlock synergies and scale faster.
MerryMart said its board approved the company’s voluntary delisting during its meeting on Monday, paving the way for a tender offer that will compensate shareholders through a 50-50 mix of cash and DoubleDragon shares.
The move brings MerryMart directly under the umbrella of the Triple A-rated DoubleDragon Group, a business empire jointly associated with entrepreneur Edgar ‘Injap’ Sia II and the founding family of Jollibee Foods Corp.
The company said the transaction aims to sharpen strategic focus and consolidate resources across the two groups, allowing management teams to operate under a single corporate structure while maximizing opportunities from their combined retail, property and consumer businesses.
The deal also offers minority shareholders a chance to swap into DoubleDragon stock at a valuation of P9.30 per share. The company noted this is about 52 percent below DoubleDragon’s latest book value of P19.21 per share, suggesting management sees significant upside potential from the merged entity’s future growth plans.
The acquisition is less about retail expansion alone and more about building scale for DoubleDragon. The group currently holds P225.3 billion in assets. It has outlined an ambitious 2035 roadmap that includes exceeding P500 billion in annual revenues, generating more than P50 billion in net income, becoming debt-free, and expanding its hotel business into 100 countries through Hotel101 Global.
The delisting also reflects a broader trend among Philippine conglomerates seeking greater flexibility outside the public market, where thin trading volumes often fail to reflect long-term asset values. By folding MerryMart into DoubleDragon, the group is effectively betting that a larger, more integrated platform can create greater value than two separately listed companies.
