By Jenniffer B. Austria | Posted on Jul. 03, 2013 at 12:01am
[ manilastandardtoday.com ]
The Securities and Exchange Commission allowed SM Land Inc. to extend until Aug. 2 the tender offer period for the acquisition of shares in SM Development Corp. and Highlands Prime Inc.
The tender offer will pave the way for the consolidation of the property companies owned by the Sy group under SM Prime Holdings Inc.
The corporate regulator approved the requests of SM Development and Highlands Prime to tender their shares until Aug. 2, from the original deadline of July 9. The tender offer began on June 4.
SM Land requested for an extension because some of SM Development and Highlands Prime shareholders were not able to comply with certain documentary requirements for the tender offer within the original timetable.
It said as of June 24, only 1.061 billion SM Development shares and 1.487 billion Highlands Prime common shares were tendered, representing 11.45 percent of SM Development shares and 66.22 percent of the Highlands Prime shares.
SM Land’s acquisition of SM Development and Highlands Prime shares is the first step in the planned merger of Sy family’s property assets.
Under the terms of the tender offer, SM Land is offering SM Prime shares for SM Development and Highlands Prime shares.
SM Development shares can be exchanged for 0.472 SM Prime shares while every stock of Highlands Prime can be swapped for 0.135 of SM Prime shares.
SM Land said after the completion of the exchange offers, the second step involved the merger of SM Land with SM Prime, with the latter as the surviving entity.