Melco Resorts & Entertainment (Philippines) Corporation (MRP) has changed its mind on a previously announced decision to delist from the Philippine Stock Exchange (PSE). However, the company will proceed with a voluntary tender offer for almost 1.6 billion publically-owned and MRP common shares.
In a Friday filing, MRP said it had formally withdrawn its application to delist, although it failed to provide a reason for its change of heart. MRP had previously noted that under PSE rules, the company would need to obtain at least 95% of outstanding stock to delist.
Nevertheless, MRP said it would proceed with the voluntary tender off “for the purpose of increasing the bidder’s shareholding interest in the issuer, instead of for the purpose of voluntary delisting of MRP.”
Originally scheduled to commence on 22 October 2018, the new commencement date will be included in MRP’s amended tender offer report.