Travellers International Hotel Group has been given the green light to delist from the Philippine Stock Exchange on Oct. 21 following a tender offer.
The operator of Resorts World Manila announced it no longer wished to be traded in August, saying it would help protect the confidentiality of its business plans.
Travellers planned a tender offer for more than 1.58 billion shares. The offer was conditional on receiving tenders from more than 825 million shares held by investors not linked to the group.
After the offer, at least 95 percent of outstanding shares will be held by non-public shareholders, which include Alliance Global and Megaworld.
“The conversion from a public entity into a private company will allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition,” it said in a stock exchange statement at the time.
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