METRO Pacific Hospital Holdings Inc. (MPHHI) has made an offer to buy P2.261 billion worth of shares from Medical Doctors Inc. (MDI) to boost its stake in the latter to 49.9%.
“MPHHI has offered to acquire up to 563,000 outstanding common shares of MDI which represent approximately 16.6% of the total outstanding shares of MDI which will bring the Offerror’s ownership to no more than 49.9%,” MDI said in a notice to shareholders published Friday in a newspaper.
MPHHI is offering to buy the shares at P4,016.00 each.
Prior to the offer, MPHHI held 1,128,715 outstanding common shares of Medical Doctors Inc., owner and operator of Makati Medical Center, which represent approximately 33.3% of the outstanding MDI shares.
The tender offer for shareholders who wish to offer all or a portion of their MDI shares runs from June 28 to July 26, but can be extended whenever a public holiday within the period is announced.
The tender offer is subject to the Philippine Competition Commission’s approval.
MPHHI will initally pay 75% of the total purchase price for the MDI shares on the settlement date, which is 10 business days aftrer the termination of the tender offer or after obtaining approval from the PCC, whichever comes later.
The balance will be paid within five calendar days from the delivery to the offeror of the original and valid certificates authorizing registration from the relevant revenue district office of the Bureau of Internal Revenue authorizing the transfer of shares.
MPHHI is a subsidiary of listed Metro Pacific Investments Corp. whose shares on Friday fell 0.21% to P4.80.
MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Janina C. Lim