In a bold move, Metro Pacific Investments Corp. (MPI) has officially requested the voluntary suspension of its shares’ trading on the Philippine Stock Exchange (PSE) today. The company is gearing up to delist its stock, aiming for a major transformation in its ownership structure.
Under the leadership of Manny Pangilinan, the Board of Directors unanimously agreed to pursue voluntary delisting after careful consideration of an enhanced bid presented by a formidable consortium. The consortium, comprising Metro Pacific Holdings Inc., GT Capital Holdings Inc., Mit-Pacific Infrastructure Holdings Inc., and MIG Holdings Incorporated, put forth a final and unparalleled offer.
This “best and final” bid, amounting to P5.20 per share, carries a striking 37 percent premium over the stock’s one-year volume-weighted average price of P3.80. The consortium’s unwavering determination to acquire MPI shares at such a significant premium signifies their confidence in the company’s potential and long-term prospects.
Subject to the approval of shareholders, which will be determined at the highly anticipated Special Stockholders’ Meeting scheduled for August 8, the Bidders will swiftly initiate the Tender Offer process. If all goes according to plan, Metro Pacific Investments Corp. will undergo a remarkable transformation, transitioning from a publicly traded entity to a privately held company.
MPI’s decision to pursue delisting stems from the belief that the current share price fails to accurately reflect the true value of the company. By going private, Metro Pacific Investments Corp. anticipates increased flexibility and strategic advantages that will enable them to unleash their full potential and enhance shareholder value.
Stay tuned as the fate of Metro Pacific Investments Corp. hangs in the balance, awaiting the crucial decision of its shareholders. The outcome of the Special Stockholders’ Meeting will shape the future trajectory of this prominent corporation.
