Minority shareholders of Digital Telecommunications Phils Inc. (Digitel) have accepted the tender offer of Philippine Long Distance Telephone Company and paved the way for PLDT to “own 10,165 million common shares or 98 percent of the enlarged capital base of Digitel."
PLDT revealed the results of its tender offer in a news release Thursday. The telecom giant said it will spend P600 million in cash to buy 13 percent of the minority Digitel shares.
It will also exchange 1.6 million PLDT common shares—valued at P2,500 per share—for 2.5 billion Digitel shares.
Digitel shareholders residing outside the country will be paid only in cash.
“The tendered shares are to be crossed in the Philippine Stock Exchange (PSE) on 24 January 2012 and settlement of both cash and share transactions will be on 27 January 2012,” PLDT said.
Delisting of Digitel from the PSE would soon follow now that Digitel public ownership will fall below the 10 percent minimum. — ELR, GMA News
source:gmanetwork.com
