The company and its partner, the state-run Maharlika Investment Corp., said shareholders tendered 177.6 million shares, or 9.16 percent of ATI’s listed stock, by the end of the offer period on March 3.
The tender offer was priced at P36 per share, valuing the deal at close to P6.4 billion.
The figure falls short of the 191.43 million shares the bidders were targeting but still lifts their combined ownership high enough to clear the delisting, which is expected to happen by April 3 thsi year.
Once combined with shares already held by the bidders and other non-public holdings, the group will control 99.29 percent of ATI’s outstanding stock, comfortably above the 95 percent threshold required for voluntary delisting.
Maharlika closes first major deal
Maharlika will acquire 101.2 million of the tendered shares, while Asian Terminals itself will take up 76.42 million shares.
The crossing of shares is scheduled for March 13, with settlement set for March 17.
Following the transaction, ATI’s public float will drop to just 0.74 percent and trading of the stock is expected to be suspended as the company moves forward with its voluntary delisting.
The deal marks the first major investment by Maharlika, the state-backed sovereign wealth fund led by president and CEO Rafael Jose “Joel” Consing Jr.
—Edited by Miguel R. Camus
