MANILA, Philippines — The state-run Land Bank of the Philippines (Landbank) has extended by one more month or until Jan. 31 next year its revised offer to buy out existing Philippine Dealing System Holdings Corp. (PDS) shareholders and gain control of the bond exchange.
In a text message Friday, Landbank president Alex V. Buenaventura said the offer period was moved from the earlier deadline of end-December 2018 as there was “no response so far” from PDS shareholders.
Last October, Landbank issued a new offer to buy shares at P215 per share, lower than P360 a share previously.
The downgraded offer took into account the P600 million in dividends that PDS issued to shareholders in June, even as the share price remained a multiplier of 1.5 times adjusted net asset value or the same as the previous offer.
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The dividend payouts reduced PDS’s asset value, Buenaventura had noted.
Buenaventura earlier expressed optimism that a majority or at least 66.67 percent of shareholders would give their acceptance letters to Landbank before yearend to seal the deal and sign share purchase agreements with them.
