Shareholders earlier approved the supermarket and specialty retail group’s voluntary delisting from the Philippine Stock Exchange, clearing a key hurdle in the privatization plan.
An insider said the target launch date for the tender offer is May 25, 2026.
“The buyer is sticking to the price,” the insider said, referring to the Gokongwei family-led holding firm JE Holdings Inc..
The deal is worth around P17.24 billion, based on records showing the firm has 356.27 million shares held by the public.
The tender offer is a mandated process that gives shareholders the option to sell their shares before Robinsons Retail exits the stock market after 12 years.
Robinsons Retail has argued the offer already reflects fair value, citing an independent fairness opinion from FTI Consulting Philippines Inc. that placed the price at the high end of its valuation range.
The company also pointed to its share buybacks since 2020, which averaged around P48.38 per share, broadly in line with the tender offer price.
As an added sweetener before the delisting, shareholders will also receive a P2-per-share cash dividend for common shares held as of May 28, payable on June 10.
Some investors, including GAM Investments, have argued the offer still failed to fully reflect the retailer’s long-term growth potential.
The delisting will only proceed if the proponents secure at least 95 percent ownership of Robinsons Retail’s outstanding shares.
—Edited by Miguel R. Camus
