Metro Pacific Investments (MPI PM): Risk/Reward as Uncertainty Hangs on the Delisting Threshold

570 Views10 Aug 2023 15:46
A key risk is satisfying the 95% delisting threshold, which would require a minorities acceptance rate of 86.4%. The risk/reward is unattractive at the current gross spread of 4.4% (net 3.8%).
Boomeranged on Wed, 6 Sep 2023 15:40
Government Service Insurance System (GSIS) has increased its shareholding to 11.98% and will not accept the delisting proposal, i.e., the 95% or a lower 90% delisting threshold will not be met. The offer will not be increased as it is the final offer. The delisting likely fails (the closing date is tomorrow), and shares fall – the undisturbed price of PHP4.26 is -14.8% below the last close price.
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