SM Investments corporation of the Sy empire will push the buyout of 2GO. Yesterday disclosure have announce a tender offer for 2GO shares.
This is the statement of SM for the tender offer for 2GO shareholders
Please be informed that the tender offer earlier disclosed as having been approved by the Directors of SM Investments Corporation is being conducted in view of applying for a voluntary delisting of 2GO Group, Inc. (2GO) from the main board of The Philippine Stock Exchange, Inc. (PSE). The Board of Directors of 2GO has likewise approved said delisting in its meeting held today as duly disclosed to the PSE.
Likewise, the board of director of 2GO have announce the agreement with SM Investments
The Board of Directors of 2GO Group, Inc. (2GO), at its special meeting held today, 28 February 2023, approved the voluntary delisting of 2GO shares from the Main Board of the Philippine Stock Exchange, Inc. (PSE), subject to the successful completion of the intended tender offer by SM Investments Corporation, compliance with other requirements of the PSE for voluntary delisting, and applicable regulations of the Securities and Exchange Commission.
2GO has requested for voluntary suspension of the trading of its shares at the PSE during the trading hours of March 1, 2023 to allow the investing public equal access to and consideration of this information.
The stock price of 2GO have risen by as much as 70% from the last 2 trading days. Heavy buying volume commenced once the disclosure was announced in PSE Edge