The Securities and Exchange Commission (SEC) has stopped the tender offering of Korean firm Lotte Chilsung Beverage Co. Ltd., controlling stockholder of Pepsi Cola Products Philippines Inc. (PCPPI) to minority shareholders of the publicly-listed beverage firm.
This is “pending the resolution of certain issues related to the tender offer,” Lotte Chilsung representatives said in a Feb.4 letter that was disclosed by the PCPPI to the Philippine Stock Exchange on Wednesday.
Lotte was also directed to “allow the shareholders who tender their shares to withdraw the same.”
In accordance with this directive, Lotte and its tender offer agent, First Metro Securities Brokerage Corp., suspended the conduct of the tender offer and refrained from accepting any shares from being tendered effective Feb.4.