A recent filing by Philweb Corp. dropped a surprise: tycoon Gregorio Ma. “Greggy” Araneta III’s decided to hand over control of his entire 57 percent stake valued at P1.8 billion in two separate transactions instead of one deal.
The first 34 percent going to a firm called Nexora Holdings, led by PhilWeb insiders in an apparent management buyout, will happen first.
Those familiar with securities law will know this is just under the first tender-offer threshold of 35 percent. This means the buyer is not required to make a mandatory buyout offer to minority stockholders yet.
Why the change in sequence?
An insider said it was to ensure Velora can immediately take a stake and secure three board seats. Araneta also gets to cash out sooner with a P1 billion payout.
The second tranche includes buyers Nexora and a firm called Velora Holdings for the remaining near-24 percent stake.
Assuming talks go smoothly, the new owners could tie the knot around the Valentines’ season in 2026, the insider said.
Of course, this second phase of the deal will trigger the tender-offer rule, ensuring minority stockholders get the same exit opportunity as Araneta.
But those watching closely will know the estimated tender offer price of P2.17 per share is irrelevant.
PhilWeb is currently worth over three times that price and it's now trading at about P6.40 each for a market value of P9.2 billion.
The math is clear: Philweb is very inflated using traditional valuation metrics so the more important question is what are the next steps for this online gaming pioneer?
According to an insider, Philweb intends to stay in the online gambling space but specifics will depend on where new regulations will land.
It also appears any backdoor deal involving PlayTime is off the table but partnerships are always possible with the looming ownership change.
Are there plans to directly challenge online gambling leader DigiPlus Interactive (PLUS)?
“It would be difficult to catch up with PLUS,” the insider said, adding that it's better to go a different route when competing against a much larger rival.
The staggered transaction suggests the buyers are taking a measured, big-picture approach.
All that aside, the burning question for many (most?) readers remains: is it still time to buy?
Price action is king, and a 370-percent surge in a sluggish 2025 speaks for itself.
This stock is hot—but just remember to proceed with caution and avoid getting burned.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
