The board of MerryMart Consumer Corp approved a voluntary delisting from the Philippine Stock Exchange on June 1 following an acquisition agreement with DoubleDragon Corporation. The deal includes a mandatory tender offer for minority shares at P0.48 each. A special stockholders meeting is set for July 7 to finalize the vote.
MerryMart Consumer Corp's board approved the voluntary delisting last Monday after reaching an acquisition deal with its affiliate DoubleDragon Corporation. The transaction values MerryMart at P3.65 billion. DoubleDragon will buy 35 percent of shares from Injap Investments Inc. for P1.28 billion and launch a mandatory tender offer for the remaining shares at P0.48 apiece. The tender offer period runs from May 18 to June 16 with settlement planned for June 24. Shares were suspended from trading after the company missed filing deadlines for the announcement and its quarterly report. Edgar Injap Sia II serves as chairman and chief executive of both companies. Sia cited the stabilization of real estate assets and a strengthened balance sheet as reasons for the move. The Philippine Competition Commission cleared the deal stating it would not reduce market competition. A special stockholders meeting on July 7 will vote on the delisting.
