All minority shareholders of PhilWeb Corp. snubbed the tender offer of the company’s new majority shareholders led by businessman Gregorio Araneta III because of the steep discount. Gregorio Araneta Inc. made the tender offer after acquiring a majority stake in PhilWeb following the divestment of businessman and former trade minister Roberto Ongpin. GAI offered to acquire the remaining 663.803 million common shares of PhilWeb held by the public at P2.60 per share. The offer price was based on GAI’s acquisition price when it bought Ongpin’s shares in PhilWeb. The P2.60 per share tender offer price, however, was a steep discount to the stock’s Monday’s closing price of P11.

Source: The Standard July 10, 2017 12:00 UTC