Mass housing and mall developer Vista Land and Lifescapes Inc. of real estate mogul Manny Villar has ended its tender offer period for the shares of Starmalls Inc., the company said Tuesday.
The tender offer, which started January 4, was in line with Vista Land’s acquisition of the remaining shares of stock of its sister firm.
In a disclosure to the Philippine Stock Exchange, Vista Land said a total of 6.68 million Starmalls shares were tendered during the offer period.
This was based on the report of Maybank ATR Kim Eng Securities Inc., the tender offer agent.
Vista Land said a total of 3.23 million Starmalls shares would be settled under the cash payment option, while a total of 3.45 million Starmalls shares would be settled under the reinvestment option.
It added that an estimated 2.22 million Vista Land shares would be transferred to tendering shareholders under its so-called Reinvestment Option.
“The tendered shares represent 0.079 percent of the total outstanding common shares of STR,” the Vista Land disclosure stated.
Vista Land will purchase the tendered shares by way of a block sale through the facilities of the Philippine Stock Exchange on or around February 23, subject to the bourse’s approval.
“On or around February 24, 2016, tendering shareholders under the Cash Payment Option or the Reinvestment Option shall receive the net proceeds of the tender or sale of their STR shares,” Vista Land said.
Once the tendered shares are transferred to Vista Land, the public float of Starmalls shares would be approximately 11.66 percent, the property developer said.
In November, Vista Land announced that it was acquiring Starmalls for P33 billion.
This was in line with the firm’s plan to merge its residential and mall businesses and be a major integrated developer in the country.