Tender offer needed for Ongpin to sell PhilWeb shares

THE move for bidding out the majority shares that Robert V. Ongpin holds in PhilWeb Corp has to go through a mandatory tender offer, the Securities and Exchange Commission (SEC) said.

PhilWeb effectively ceased operations by 11:59 a.m. on August 10 following the expiration of its contract with Philippine Amusement and Gaming Corp. (Pagcor). Ongpin initiated a bidding process that day, which will end tomorrow (Aug 17), for unloading a total of 771.749 million shares that account for 53.76 percent of the company’s outstanding shares.