The Philippine Stock Exchange has rejected an offer from state-owned Land Bank of the Philippines to buy its stake in capital market infrastructure provider Philippine Dealing System Holdings Corp. at a reduced valuation.
The PSE board found Landbank’s offer of P215 per share or P281.96 million for its 20 percent stake too low, PSE sources privy to the discussions told the Inquirer.
A source said Landbank’s offer was discussed recently at a board meeting. “The decision was not to sell at this price. It’s too low. Our old offer was even higher,” one PSE source said.
When PSE itself was making a bid for PDS—the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp. (PDEx), Philippine Depositary and Trust Corp. and Philippine Securities Settlement Corp.—it had offered to buy out other shareholders at P320 a share.
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The PSE is set to formally notify Landbank about its decision, the source said.
When Landbank first expressed interest to make a rival bid for PDS, its original offer was P360 per share.
