Melco to conduct offer for Manchester minority owners


Posted at Dec 26 2012 03:54 PM | Updated as of Dec 26 2012 11:54 PM

MANILA, Philippines - Macau casino giant Melco Crown Entertainment Ltd. will be conducting a mandatory tender offer to minority shareholders of Manchester International Holdings Inc. (MIH) from January 11 to February 11.

The tender offer comes after Melco's MCE (Philippines) Investments Ltd. and MCE (Philippines) Investments No. 2 Corp. bought a combined 93.06% of MIH for P1.259 billion.

"[T]he bidders intend to acquire the public share, or all the remaining 17,426,395 Class A shares and 11,156,841 Class B shares... which comprise approximately 6.94% of the total outstanding common shares of MIH," the disclosure read.

The Class A shares will be bought at P3.1491 apiece, while Class B shares at P3.5498 apiece.

Settlement date has been slated on February 18.

Operations of the MCE firms may include the $1-billion casino joint venture between Melco and SM Group's Belle Corp. The casino-hotel-retail complex will be situated in PAGCOR's Entertainment City in Parañaque City.