THE offer price of P2.20 per share in Vega Telecom Inc.’s tender offer for shares of Liberty Telecoms Holdings Inc. can still change depending on the result of the Securities and Exchange Commission’s (SEC) investigation into the valuation issue, a top SEC official said on Tuesday. Vega has been conducting a tender offer for 165.883 million Liberty shares at P2.20 each, which is equivalent to the remaining 12.82 percent stake in Liberty held by the public. Through the tender, Vega is set to corner the publicly listed shares from minority stakeholders, after which it will make Liberty a wholly owned subsidiary of Vega. SEC Chairperson Teresita Herbosa said late Tuesday that the commission has “temporarily extended” the tender offer to give the tendering parties “time to present all the facts” that can determine whether or not the Liberty shares were fairly valued at P2.20. Before the transfer of frequencies, Liberty held most of the prized 700 megahertz (MHz) spectrum, a frequency band that allows for faster and wider data penetration and lower broadband prices.

Source: Manila Times September 21, 2016 16:41 UTC