The Sy family’s SM Investments Corp. launched a buyout offer to minority shareholders of 2Go Group Inc. after taking a controlling stake in the company following the exit of Davao-based businessman Dennis Uy’s Chelsea Logistics and Infrastructure Holdings Corp.
SM said it was prepared to acquire the 1.16 billion 2Go shares, or 47.15 percent of the logistics group, held by other stockholders for P8.50 per share. The offer will run from March 22 to April 21, its tender offer report to the Philippine Stock Exchange showed.
A tender offer is a mandated exercise that gives minority shareholders the chance to exit at the same terms as those of the buyout transactions.
Last Friday, Che…
Keep on reading: SM group starts tender offer for 2Go shares