MCO Philippines proceeds with tender offer

MANILA, Philippines — MCO (Philippines) Investments Ltd., the major shareholder of Melco Resorts and Entertainment Philippines Corp. (MRP), proceeded with its tender offer last Oct. 31.

It is buying up to 1.6 billion common shares  of MRP at P7.25 per share for the purpose of increasing its shareholding in the casino firm.

The tender offer will run until Nov. 29.

The tendered shares shall be deemed accepted by the bidder on Dec. 5 upon the fulfilment of the necessary requirements and approvals, MRP said.

MRP withdrew its petition for voluntary delisting amid strong opposition from its minority shareholders.

It decided to delist because its listed status in recent years has not contributed to its ability to raise funds despite considerable efforts and expenses being incurred to maintain such listed status.

The company is behind City of Dreams Manila, the second integrated casino resort to open in Entertainment City.