• SEC allows SM Land to extend tender offer

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    The Securities and Exchange Commission (SEC) has allowed SM Land to extend its tender offer for the shares of SM Development Corp. (SMDC) to give its shareholders extra time to comply with documentary requirements.

    This tender offer is in line with SM Group’s plan to consolidate some of its property businesses into one real-estate company.

    In a memorandum, the SEC said that it has given the go-signal to SM Land to extend its tender offer period up until August 2 instead of July 9.

    The request is in relation to the tender offer being conducted by SM Land to acquire 34.82 percent of the outstanding capital stock of SMDC, or 3.2 billion SMDC shares, and 100 percent of the outstanding capital stock of Highlands Prime Inc., or 2.2 billion, in exchange for the shares of SM Prime Holdings Inc.

    The tender offer report filed on June 3 indicated that the tender offer period will commence on June 4 and shall originally end on July 9.

    During the conduct of the tender offer, SM Land received reports through BDO Securities Inc., the company’s tender offer agent, that there are certain shareholders who are or will be unable to comply with certain documentary requirements for the tender offer within the stated period.

    “As of June 24, only a total of 1.06 billion SMDC common shares and 1.48 Highlands common shares have been tendered, representing approximately 11.45 percent of the SMDC common shares and 66.22 percent of the Highlands common shares, respectively,” SM Land reported to the SEC.

    SM Land then requested that the tender offer period be extended to 12 noon of August 2 instead of 12 noon of July 9 as previously advised, in order to give more time to SMDC shareholders to tender their common shares.

    The SEC allowed SMDC to extend the length of its tender offer period because the new deadline date requested by the firm is still within the 60-day period set forth in a regulatory rule.

    SM Group, the business empire of tycoon Henry Sy Jr., earlier announced that it has decided to merge its property businesses into one real-estate giant firm, with the surviving entity, SM Prime Holdings Inc., to have the biggest market capitalization of about $14 billion in the country.

    The boards of directors of SM Investments Corp. and SM Prime announced that they are consolidating property-related businesses of SMIC, under SM Prime, the Philippines’ leading shopping mall owner and operator.

    SM Prime President Hans Sy earlier said that the firm will have the biggest market capitalization in the country after the merger.

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