Resorts World Manila operator Travellers International Hotel Group, Inc has set a price of Php5.50 per common share for an impending tender offer as it looks to delist from the Philippine Stock Exchange and go private.
Travellers, a joint venture between Genting Hong Kong and Alliance Global Group, announced its privatization plans earlier this week, explaining that the move would “allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
Revealing the tender price on Thursday, the company also clarified that a minimum of 838,212,542 common shares worth Php4.61 billion must be validly tendered for the delisting to proceed, meaning that a minimum of 95% of the total listed and outstanding shares in Travellers would be held by non-public shareholders. Travellers had previously said that only 17,331,462 shares needed to be tendered with a private holding figure of 90%.
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