MANILA - SM Investment Corp said on Tuesday its board approved a tender offer of up to 378,817,279 common shares equivalent to 15.39 percent of issued and outstanding common capital stock of 2GO.
SMIC earlier acquired the majority of the outstanding voting capital stock of 2GO.
BPI Capital Corp was appointed as the independent third-party valuation provider, it said.
There is no final tender offer price yet, SMIC said.
"The tender offer price, timing, terms and conditions of the tender offer shall be determined and finalized upon receipt and acceptance by the SMIC Board of Directors of the fairness opinion report of BPI Capital," SMIC said.
2GO shares closed up 17.88 percent at P9.10 after a voluntary trading halt from 1:25 p.m. to 2:35 p.m.
-- with a report from Warren De Guzman, ABS-CBN News