Metro Pacific Investments Corporation (MPI) held their Annual Stockholders Meeting (ASM) last Juine 6 where the vote on the delisting of the stock would have taken place. This vote was taken off the agenda as the consortium of bidders wanted to release the Fairness Opinion and Tender Offer Report prior to the vote. The said report did not get released which prompted the request to delay the vote.<\/p>\n\n\n\n
Mr. Pangilinan also mentioned that a new Independent Financial Advisor who is accredited with the PSE is needed to determine the pricing and valuation of MPI. Mr. Pangilinan did not give a specific timeline on when the restarted delisting process will begin but hoped that it can be executed during the year.<\/p>\n\n\n\n
After an uproar from the investment community on the unattractive tender offer price from the Bidders of P4.63, the consortium seems to be taking a slower but orderly route that aims to give the minority shareholders some insight on their tender offer price. There are really a lot of ways to look at this prospective tender offer but so far the Bidders seem to have the upper hand as the delay in the vote to delist has taken MPI at its lowest price since the news on the tender offer came out on April 27.<\/p>\n\n\n\n
Short-term price action may have the edge for the Bidders but the long-term believers in MPI would steadfastly hold on to their valuation which is north of P5.50\/share and may not yet be willing to sell it for a song. <\/p>\n\n\n\n
As this game of poker continues between the shareholders and the Bidders, the stock rumored to replace MPI in the PSEi — Bloomberry Resorts Corp. (BLOOM) — has also retreated back to the lower end of the range.<\/p>\n\n\n\n