PLDT, Globe confirm plan to buy out Liberty minority shareholders

22 Jun 2016

In separate filings to the local bourse yesterday (Tuesday), Philippine Long Distance Telephone Company (PLDT) and Globe Telecom have confirmed their intentions to buy out the minority shareholders of Liberty Telecoms Holdings Inc (LTHI, trading as Wi-Tribe Telecoms), ahead of an anticipated stock market delisting of the smaller firm later this year. PLDT and Globe, which operate a de facto duopoly in the country’s mobile market, both intend to exercise their rights over recently purchased Vega Telecom – jointly acquired from San Miguel Corp (SMC) – to carry out a voluntary tender offer to the minority shareholders of LTHI, as a precursor to the delisting. ‘The process for the voluntary tender offer and delisting is contemplated to commence within the third quarter of 2016 and to be completed within the year,’ PLDT said in the filing. The pair note that the decision had been agreed ‘after a careful deliberation’ and ‘due evaluation’ of the asset.