Tiger Resort Asia Ltd., the operator of integrated resort and casino Okada Manila, launched a tender offer to acquire the remaining shares in Asiabest Group International Inc.
Tiger Resort said in a tender offer filed with the Securities and Exchange Commission that it planned to acquire the remaining 100 million common shares in Asiasbest held by minority investors at an offer price of P3.2325 apiece in line with its planned backdoor listing.
The tender offer price is 87 percent lower than Asiabest’s closing price of P24.95 on Nov. 9.
The mandatory tender offer is being conducted after Tiger Resort signed a share purchase agreement to acquire 200 million shares in Asiabest, or equivalent to 67-percent stake in the company for P646 million.
The tender offer period will be from Nov. 12 to Dec. 14.
Under the plan, Tiger Resort’s fully owned subsidiary Tiger Resorts Leisure and Entertainment Inc.will be folded into the company.
Okada Manila is the third integrated resort and casino to open in Pagcor Entertainment City, after Bloomberry Resort’s Solaire Resort & Casino and Melco Crown’s City of Dreams.
Tiger Resorts’ parent company Universal Entertainment Corp. of Japan reported that Okada Manila posted net sales of 33,828 billion yen or P15.77 billion and an operating loss of 4,758 billion yen or P2.22 billion in the first nine months of 2018.
“At Okada Manila, we will continue to expand attractions and amenities with the highest priority. In the fourth quarter, additional hotel rooms are expected to open. This will help support continued growth in the casino business as well as better position the resort to host large group events and foreign tour groups,” Universal Entertainment said.