MPI extends tender offer<\/strong><\/p>\n\n\n\n MPI has moved the deadline to tender shares from September 7 to September 19 as it seeks to mop up the remaining holdouts before taking the company private. As of noon of September 7, a total of 5,364,783,661 shares of MPI have been tendered, representing 18.7% of MPI\u2019s outstanding shares. Together with the excluded shares (i.e. listed shares held by any of the bidders) and shares that have recently been reclassified as non-public shares (i.e. the GSIS acquisition), that would leave only 3.1% as public float \u2013 enough to allow MPI to delist.<\/p>\n\n\n\n New timeline<\/strong><\/p>\n\n\n\n Given the extension of the tender offer deadline, the tendered shares will be crossed on September 26, and to be settled on September 28.<\/p>\n\n\n\n Post-delisting ownership structure<\/strong><\/p>\n\n\n\n Assuming that there will be no additional shares tendered, First Pacific will end up owning 42.4% of MPI, while Mitsui and GTCAP will own 17.0% each and Manny Pangilinan\u2019s MIG Holdings will own 8.5%. <\/p>\n\n\n\n This is a tad lower than the 50-20-20-10 ownership that they planned, all thanks to GSIS crashing the boardroom. With only 3.1% of the company left up for grabs, we expect both the bidders and GSIS to try and increase their stake ahead of the delisting.<\/p>\n\n\n\n