Conglomerate Metro Pacific Investments Corp. has failed to get a majority stake in the 315-bed Davao Doctors Hospital after conducting a general offer.
A final tender offer report filed with the Securities and Exchange Commission by Metro Pacific’s hospital unit Metro Pacific Hospital Holdings Inc. showed only 3,383 Davao Doctor shares, representing 0.38 percent of the total outstanding capital stock of the hospital, were tendered and accepted.
The general offer, which was launched in October, ended in December, after MPHHI sought a one-month extension.
Prior to the general offer, MPHHI owned 313,655 shares, representing 34.82 percent of the outstanding capital stock of Davao Doctors. MPHHI’s stake rose to only 35.18 percent, after the general offer. The shares were acquired at P2,300 apiece, or at a total purchase price of P7.8 million.
MPPHI in October launched the general offer to acquire the remaining 65.18 percent interest in DDH, a privately-owned hospital in Davao City.
The general offer was based on a tiered pricing, which stated that if MPHHI acquired less than 136,747 Davao Doctors shares, the purchase price would be P2,300 per share. If it acquired at least 136,747 shares but less than 286,881 shares, the purchase price would be pegged at P2,600 per share.
It also stated that if MPHHI acquired at least 286,881 Davao Doctors shares, the purchase price would be P2,750 per share.
Metro Pacific acquired a 34.82-percent stake in Davao Doctors Hospital for around P500 million in 2008.
Aside from Davao Doctors, MPHHI has nine other hospitals under its portfolio, including Western Mindanao Medical Center in Zamboanga City, Makati Medical Center, Asian Hospital & Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, De Los Santos Medical Center, Riverside Medical Center in Bacolod, Manila Doctors Hospital and Central Luzon Doctors Hospital in Tarlac.
MPHHI also signed an investment agreement in December to acquire a 51-percent shareholding in the Sacred Heart Hospital of Malolos in Bulacan.
Upon the completion of the investment in SHHM, MPHHI will have a total of 11 hospitals with 2,700 beds throughout the country.
The conglomerate earlier said it aimed to have 5,000 hospital beds through acquisition and expansion of existing hospital facilities.