The move follows DoubleDragon’s P1.28-billion acquisition of a 35 percent stake in MerryMart approved in April 2025, effectively giving the company control and triggering the mandatory tender offer.
Sia is the chair and CEO of DoubleDragoon and MerryMart.
Retail push deepens with MerryMart deal
The tender offer will run from May 18 to June 16, with DoubleDragon offering P0.48 per MerryMart share payable half in cash and half in DoubleDragon shares valued at P9.30 each.
DoubleDragon said the offer price is 20 percent above MerryMart’s recent market value, while the valuation used for DD shares remains far below the company’s latest book value.
But the deal value remains below MerryMart’s P1-per-share IPO price, reflecting softer market sentiment and weaker valuations in recent years.
The company said folding MerryMart directly into the DoubleDragon Group would strengthen its recurring revenues through grocery, wholesale and pharmacy operations generating over P7 billion annually.
Tender offer kicks off in May
The acquisition also expands DoubleDragon’s shift away from pure real estate into a broader investment holding company spanning retail, hotels, warehouses, offices and community malls.
At the same time, DoubleDragon continues aggressively expanding its Hotel101 business globally, with more than 2,200 new hotel rooms scheduled to open this year across Spain, Cebu, Davao and Japan.
The group said the MerryMart acquisition forms part of its longer-term plan to build a P500-billion equity base.
—Edited by Miguel R. Camus
