VEGA Telecom Inc. on Monday reiterated its buyout call for minority shareholders of Liberty Telecoms Holding Inc. as the tender is set to expire on September 21.
In a statement, Vega Telecom said that the tender offer to buy out up to 165.88 million common shares, representing 12.82 percent of the issued and outstanding common stock of Liberty, at a price of P2.20 per share is above and a premium on the prospective fair value range of P0.08 to P0.33 per common share of the company.
The purpose of the tender offer is to allow Liberty to comply with the requirements of the Philippine Stock Exchange (PSE) for the voluntary delisting of its common shares.
Once Liberty shares are delisted, shareholders will have limited options if they decide to sell their shares as they will no longer be able to do so via the Exchange, Vega said.
Vega, the majority shareholder of Liberty, is now jointly owned by Globe and PLDT following a joint acquisition of the telco assets of San Miguel Corp. in late May of this year.
Vega Telecom owns controlling interests in Bell Telecommunication Philippines, Inc,, Eastern Telecommunications Philippines, Inc., Cobaltpoint Telecommunication, Inc. (formerly Extelcom), Tori Spectrum Telecommunication, Inc. (formerly Wi-Tribe), and Hi- Frequency Telecommunication, Inc.
Liberty holds most of the prized 700 MHz, a type of low-band frequency that can cover wide spaces and penetrate walls at lower costs.