ROX was profiled here. Today, ROX disclosed the following:
First Pacific Company, Ltd. bought 31% of ROX for P8 per share. According to the SEC Regulation Code, Chapter VI, Protection of Shareholder Interests, Section 19.1:
“ Any person or group of persons acting in concert who intends to acquire at least fifteen per cent (15%) of any class of any equity security of a listed corporation or of any class of any equity security of a corporation with assets of at least Fifty Million Pesos (P50,000,000.00) and having two hundred (200) or more stockholders with at least one hundred (100) shares each or who intends to acquire at least thirty per cent (30%) of such equity over a period of twelve (12) months shall make a tender offer to stockholders”
Theoretically, First Pacific Company, Ltd. is required to make a tender offer to stockholders at P8. I say theoretically because I may miss out a provision or law that may circumvent the SEC regulation code.
At ROX’s last traded price of P6.81, shareholders are bound to profit 17% should there be a tender offer.
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell. Read more in the ABOUT page.