Minority shareholders shun East Asia tender offer

MANILA, Philippines—Not a single minority shareholder accepted Century Properties’ tender offer for the remaining shares of dormant energy company East Asia Power Resources.

As the tender offer to other minority shares was priced at P0.04 per share or below the market price, investors decided to take their chances by holding on to their shares and wait for what the Century group will do with East Asia.

“Per results of the tender offer, no stockholder tendered his share,” the disclosure said, adding that the Centuries group thus directly and indirectly acquired 93.58 percent of East Asia.