GGRAsia – Melco Resorts Philippines delisting process held up again

Melco Resorts Philippines delisting process held up again

Oct 19, 2018 Newsdesk Latest News, Philippines, Top of the deck

The majority owner of Melco Resorts and Entertainment (Philippines) Corp, the operator of the City of Dreams casino resort in Manila, has postponed again its effort to take the company private.

Melco Resorts Philippines told the Philippine Stock Exchange on Thursday that the majority shareholder, MCO Investments (Philippines) Ltd, would defer its tender offer for nearly 1.57 billion outstanding common shares in Melco Resorts Philippines held by the public, which it had been due to begin next Monday.

Melco Resorts Philippines gave no reason for the postponement. The company said MCO Investments would set a date for an amended offer sometime next week.

MCO has already postponed the offer once before. The original offer price was PHP7.25 (US$0.13) a share.

Melco Resorts Philippines made last month a formal request to the Philippine Stock Exchange for delisting of its shares on that bourse.

Melco Resorts Philippines is a subsidiary of Asian casino developer Melco Resorts and Entertainment Ltd.