The Gokongwei-led retailer is undertaking a P11.25-billion tender offer through JE Holdings Inc., the family's private holding firm, to acquire up to 232.84 million public shares at P48.30 each.
The tender offer will run from May 25 to July 6, with settlement scheduled for July 15.
The group aims to raise its stake in RRHI from 78.15 percent to at least 95 percent ahead of the planned delisting.
RRHI said shareholders owning more than two-thirds of its outstanding listed shares approved the voluntary delisting during the company’s May 12 annual meeting.
The retailer added that votes cast against the delisting did not exceed the 10 percent threshold required under exchange rules.
RRHI said the tender offer price represents a 23 percent premium over the stock’s March 26 closing price and a 32 percent premium over its one-year volume weighted average price.
—Edited by Miguel R. Camus
