LRWC offers to buy E-Games operator

Posted at 05/21/2014 1:46 PM

MANILA, Philippines – Leisure and Resorts World Corp. (LRWC) has offered to acquire Digiwave Solutions, an operator of Philippine Amusement Gaming Corp.'s (Pagcor) E-Games outlets, for P620 million.

In a disclosure to the Philippine stock exchange, LRWC said it made the offer on Tuesday to shareholders of Digiwave to acquire 100 percent of its outstanding capital stock.

Under LRWC’s offer, Digiwave is required to deliver 45 E-Games outlets in Metro Manila and nearby provinces and the result of the conduct of due diligence is satisfactory.

“Upon satisfactory results of the due diligence, the parties shall enter into a Share Purchase Agreement and other definitive implementing agreements for the sale and purchase of the shares,” LRWC said in the disclosure.

Due diligence should be completed on or before June 15.

Digiwave is 85 percent-owned by Premiere Horizon Alliance Corp (PHA) and 15 percent-owned by private shareholders.

In a separate disclosure, PHA said its board unanimously approved the letter offer “subject to the subsequent approval by the stockholders and compliance with all related laws and rules of the company.”