Offer for Melco Resorts Philippines stock begins
Melco Resorts and Entertainment (Philippines) Corp has announced that MCO (Philippines) Investments Ltd began on Wednesday a tender offer to acquire the Melco Resorts Philippines shares that it does not already own. MCO Investments is offering PHP7.25 (nearly US$0.14) a share and the offer closes on November 29.
Melco Resorts Philippines runs the City of Dreams Manila casino resort (pictured). The company told the Philippine Stock Exchange on Wednesday that the offer, amended twice by MCO Investments, was for up to about 1.57 billion common shares, for the purpose of increasing the MCO Investments stake in the company.
The common shares on the open market represent about 27.23 percent of the stock of Melco Resorts Philippines. MCO Investments is a subsidiary of Melco Resorts and Entertainment Ltd, an investor in Asian casinos, and owns about 3.95 billion shares – or 73 percent – in Melco Resorts Philippines.
The original purpose of the offer was to take Melco Resorts Philippines private. But the delisting idea was dropped this month, and MCO Investments decided instead it would increase its stake in Melco Resorts Philippines. MCO Investments said the operation would improve its ability to put its plans for Melco Resorts Philippines into action.
Amid concerns the proportion of shares held by the public might fall below the 10-percent threshold required by Philippine law once the tender offer is completed, Melco Resorts Philippines said it would meet its legal requirements. “Melco Resorts Philippines shall apprise and consult with the Philippine Stock Exchange about the steps it may take if compliance with the public ownership becomes an issue,” a company statement said.
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