Calata must give investors option to tender shares: BDO Capital


Posted at Oct 31 2017 10:20 AM

MANILA - Shareholders of agribusiness firm Calata Corp should be allowed to decide whether or not to stick it out with the company through a tender offer, a fund manager said Tuesday.

Calata chairman Joseph Calata said Monday he was seeking shareholder approval to move the company to a cryptocurrency exchange as regulators investigate the firm for alleged violation of disclosure rules.

"If there's a tender offer, then that's a fair choice for the minority," BDO Capital president Ed Francisco told ANC's Market Edge with Cathy Yang.

"If they truly believe in the company and believe in the prospects, they should stay," Francisco said.

"Those who are wary, at least, if they have a chance to liquidate... then their option is just to tender their shares," he said.