Calata rejects PSE’s tender offer condition

EMBATTLED agribusiness firm Calata Corp. said on Tuesday that the Philippine Stock Exchange’s condition for the company to conduct a tender offer so that it could delist voluntarily was “grossly impractical” and “unfair.”

“It is grossly impractical because if the company will force itself to generate cash for the tender offer despite its limited retained earnings, it will have to sell its assets. This would easily be a red flag for its existing business creditors such as the banking institutions,” the company said in a statement released to the media.