Landbank: Still no takers for revised PDSHC offer
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Sun, 20 Jan 2019 16:18:55 +0000
Philippine Dealing System Holdings Corp. (PDSHC) stakeholders appear to be snubbing Land Bank of the Philippines’ (Landbank) offer for the fixed income bourse operator.
“No confirmed sellers of PDSHC shares yet,” Landbank President Alex Buenaventura told The Manila Times on Sunday.
Landbank wants to own 66.67 percent of PDSHC, originally pricing its offer at P360 per share — topping the Philippines Stock Exchange’s (PSE) P320 — but later revising this last October to P215.
Some 43 percent of PDSHC shareholders had accepted the higher price and Buenaventura had said that new offers sheets would be sent out. Last month, he announced that the offer deadline had been extended to January 31 after Landbank failed to receive replies.
“We are [still] very confident because from their reaction when we gave them the original offer, there’s a strong response. We got 43 percent of the shareholders who responded positively. So we expect very similar positive response (for the revised offer),” Buenaventura also previously said.
Landbank has said that a PDHSC takeover is aligned with the government’s capital markets development program and would foster bond issuances.
PDSHC is the parent company of Philippine Dealing & Exchange Corp. (PDEX) and Philippine Depository and Trust Co., which respectively act as the dealing exchange for fixed income securities and the depository and registry for fixed income and equity securities.
Last week, the Philippine Stock Exchange said it was considering Landbank’s revised offer.
Also, Securities and Exchange Commission’s Ephyro Luis Amatong has told The Manila Times that the state-owned bank had already sought exemptive relief to own “a little more than 40 percent of the PDS Group.”
The exemption is needed as the Corporation Code prohibits any single entity from owning more than 20 percent of an exchange.
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