Tender offer Started for Inventory in City of Dreams Manila operator

From the Philippines, the MCO (Philippines) Investments Limited subsidiary of Asian casino giant Melco Resorts and Entertainment Limited has reportedly announced that it has launched an effort to bring the entire shareholding of its Melco Resorts and Entertainment (Philippines) Corporation rushed back in house.

According to a report by GGRAsia, MCO (Philippines) Investments Limited currently holds approximately 72.77% of the shares in Melco Resorts and Entertainment (Philippines) Corporation, which manages the City of Dreams Manila integrated casino hotel, but is now hoping to acquire the remaining 27.23percent publicly-held stake via a tender worth roughly $212.87 million.

Month-long campaign:

Melco Resorts and Entertainment (Philippines) Corporation reportedly utilized an official Wednesday reporting (pdf) to detail that the tender offer is due to run until November 29 and has Melco Resorts and Entertainment Limited, which is itself a subsidiary of Hong Kong-headquartered Melco International Development Limited, valuing all its just over 1.56 billion outstanding common shares at nearly $0.14.

Planning for your future:

Currently recorded on the Philippine Stock Exchange, Melco Resorts and Entertainment (Philippines) Corporation reportedly stated that its majority owner is hoping that the twice amended action will see it increase its lsquo;shareholding interest’ so as to be able to more efficiently strategy for the long term.

De-listing proposal abandoned:

GGRAsia reported that MCO (Philippines) Investments Limited had earlier proposed de-listing Melco Resorts and Entertainment (Philippines) Corporation so as to reduce costs and allow it to raise extra capital. But it purportedly abandoned this strategy early last week in favour of increasing its total stake and vowed to ‘apprise and consult the Philippine Stock Exchange concerning the steps it may take if compliance with the general public ownership becomes an issue’.