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Tuesday, March 19, 2024

Asia Best shareholders snub Tiger’s tender offer

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Minority shareholders of Asia Best Group Inc. ignored the offer of Tiger Resort Asia Ltd., operator of the $2.4-billion integrated resort and casino Okada Manila, to buy out their shares in the company.

Asiabest said in a disclosure to the stock exchange The First Resources Management & Securities Corp., which acted as the tender offer agent, reported that it did not receive and secure application to tender shares from the company’s shareholders.

Tiger Resort has offered to acquire the remaining 100 million common shares in Asiasbest held by minority investors at an offering price of P3.2325 apiece in line with a planned backdoor listing.

Asiabest is currently trading at P26.40 per share on expectations Tiger Resort’s fully-owned subsidiary, Tiger Resorts Leisure and Entertainment Inc., will be folded into the company.

The mandatory tender offer, which ended on Dec. 12, was conducted after Tiger Resort entered into a share purchase agreement to acquire 200 million shares in Asiabest, or equivalent to a 67-percent stake in the company, for P646 million.

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Okada Manila is the third integrated resort and casino to open in government sponsored Pagcor Entertainment City after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.

A minority shareholder of Asiabest last week asked the Securities and Exchange Commission to stop Tiger Resorts from conducting a tender offer in connection with planned backdoor listing, citing the company’s failure to disclose a legal dispute with Japanese casino tycoon Kazuo Okada.

Asiabest shareholder Carnelll Valdez in the complaint accused Tiger Resorts of allegedly violating the Securities Regulation Code when it failed to disclose in a tender offer report the intra-corporate dispute involving the major shareholder of Tiger Resorts.

Okada Holdings is the controlling shareholder of Japan’s Universal Entertainment Corp., which in turn is the 100-percent owner of Tiger Resort, which fully controls Tiger Resort Leisure & Entertainment Inc., the operator of casino hotel Okada Manila.

Japanese pachinko billionaire and UEC founder Kazuo Okada and his daughter Hiromi Okada earlier initiated civil and criminal proceedings in Hong Kong to regain control of Okada Holdings and secure criminal convictions for fraud and financial crimes against those responsible for his alleged illegal ouster as chairman of Okada Holdings, UEC, Tiger Resort and Okada Holdings in 2017.

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