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Conglomerate SM Investments Corp. is set to call for tender offers for 378.817 million common shares of its logistics subsidiary, 2GO Group Inc.
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The SMIC board approved the tender offer price of P14.64 per common share of 2GO
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The conglomerate will spend P5.54 billion to acquire the shares, representing 15.39% owned by the public
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Tender offer period is from March 15 to April 28, 2023
SM Investments Corp. (SMIC) is set to call for tender offers for shares held by minority stockholders in its subsidiary, transportation and logistics firm 2GO Group Inc.
In a regulatory disclosure, SMIC said its board approved in a special meeting on March 6 the tender offer price of P14.64 per common share of 2GO Group. SMIC will spend P5.54 billion to acquire the 378.817 million common shares in 2GO, representing 15.39% owned by the public.
The board also approved setting the tender offer period from March 15 to April 28, 2023, and the payment and settlement of the tendered shares from May 2 to 10, 2023.
BDO Securities Corp. is the tender offer agent.
SMIC earlier said the tender offer is in line with the conglomerate’s previously announced plan to delist 2GO from the local bourse and provide the conglomerate with “greater exposure to the long-term growth and financial success of 2GO.”
RELATED READ: SMIC now majority shareholder of 2GO
2GO provides integrated transport and logistics services with five business units, namely, 2GO Sea Solutions, 2GO Special Containers, 2GO Logistics, 2GO Express, and 2GO Distribution.
In 2022, the company returned to profit after recording annual losses since 2017.
The group posted a P312-million income last year on the back of P19.3 billion revenue, which rose 25% year-on-year as 2GO benefitted from the country’s economic reopening and complete lifting of movement restrictions.
