Melco offer snubbed by PH unit's minority shareholders
MANILA, Philippines - Macau-based Melco Crown Entertainment Ltd.'s offer to buy the remaining shares of Manchester International Holdings Unlimited Corp. has been ignored by minority shareholders, as they kept a positive outlook on the listed company.
Based on a Tender Offer Report filed before the Philippine Stock Exchange on Friday, Melco's MCE (Philippines) Investments Limited and MCE (Philippines) Investments No. 2 Corp. said there were no shares tendered during the offer period which expired on February 11.
Analysts stressed minority shareholders held on their stake as the Melco group's entry gave bright prospects for the company.
Melco conducted the mandatory offer after acquiring 93.06% in Manchester last year. The Macau-based gaming giant offered to buy the remaining 17.426 million Class A and 11.156 million class B shares, which comprised about 6.94% of Manchester.
The offer prices were P3.1491 per Class A share and P3.5498 per Class B share, below the current trade prices of P16 and P17, respectively.
Melco is poised to operate its businesses in the Philippines through Manchester. One of its ventures is the $1-billion integrated gaming and leisure complex in PAGCOR's Entertainment City that will be put up together with SM Group's Belle Corp.