Infrastructure conglomerate Metro Pacific Investments Corp. said Thursday it will defer the shareholders vote on the planned voluntary delisting from the local bourse pending the completion of valuation report.
The move also delayed the start of the tender offer period which was initially scheduled to commence in May.
MPIC said in a disclosure to the stock exchange it received a request from a consortium of bidders that were planning to take the company private to defer the shareholders’ vote on voluntary delisting as the much awaited fairness opinion and valuation report was not yet finalized.
An independent firm will issue the fairness opinion and valuation report. The consortium consists of Metro Pacific Holdings Inc., GT Capital Holdings Inc., Mit-Pacific Infrastructure Holdings Inc. of Japan’s Mitsui and MIG Holdings Inc. of MPIC chairman Manuel Pangilinan.
MPIC was originally planning to seek shareholders’ approval on the planned delisting during the company’s annual stockholders meeting on June 6.