MANILA, Philippines – Vega Telecom Inc. (VTI) is extending the tender offer period for common shares of subsidiary Liberty Telecoms Holdings Inc. until Oct. 20, in compliance to the directive of the Securities and Exchange Commission (SEC).
“VTI has filed an amended tender offer report with the SEC to extend the offer period for the purchase by VTI of common shares in Liberty Telecoms Holdings Inc. until 12 noon on Oct. 20, 2016,” VTI said in a statement yesterday.
Apart from the extension of the tender offer period, VTI said the same terms and conditions of the tender offer report as filed on Aug. 19, which includes the tender offer price of P2.20 per share, would apply.
VTI’s tender offer for up to 165.88 million common shares representing 12.82 percent of the issued and outstanding common stock of Liberty, commenced on Aug. 24 and was initially expected to run until 12 noon of Sept.21.
VTI decided to defer the deadline for the tender offer following a directive issued by the SEC.
In a letter dated Sept. 16, Vicente Graciano Felizmenio Jr., director of SEC’s Markets and Securities Regulation Department said VTI is directed to defer the conclusion of the tender offer period from its original date of Sept. 21, and to submit a new timeline relative to the amended tender offer report.
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“The new offer period should provide reasonable time to the tendering shareholders to evaluate or assess the amended and/or additional information,” he said.
The SEC issued the directive amid a letter of complaint filed by minority shareholders of Liberty on the valuation of shares.
It said the common concern is the belated disclosure of the assignment of frequencies resulting to the confusion in the proper valuation of Liberty’s shares.
Minority shareholders found the offer price of VTI to acquire shares at P2.20 apiece too low.