The tender offer for minority shareholders of personal care product and food producer Splash Corp. has been completed, hurdling one key requirement ahead of the company’s targeted delisting from the local stock exchange.
After the closing of the tender offer on Sept. 20, Splash reported that 129.886 million common shares—or 81.97 percent of targeted shares—were tendered and accepted by controlling shareholders at P3.10 per share. Some 4.82 percent of Splash shares were kept by minority shareholders even with the company’s plan to delist from the local stock exchange.
Some 62,000 shares were tendered by directors and officers of the company, Splash said in a tender offer report on Friday.
Following the completion of the tender offer, Splash said its public ownership had gone down from 21.84 percent to 4.82 percent of the company’s capital stock. Local investment house Unicapital Inc. acted as financial adviser for this offering.
The tender offer is a requirement for companies wishing to delist voluntarily from the stock exchange. This is to give minority shareholders the chance to exit before the company reverts to private hands.
The public ownership was further trimmed as Splash bought back shares from the open market on Sept. 21 and 22. Doris Dumlao-Abadilla