Landbank slashes offer price for PDS buyout
The government wants to finally complete the acquisition by December.
The Land Bank of the Philippines is dead set on acquiring a majority stake in the Philippine Dealing System Holdings Corp. (PDS) before 2018 ends, as it is due to make a fresh pitch to current shareholders.
The Department of Finance through Landbank wants to acquire the majority stake in PDS, the trading platform for fixed-income bonds and instruments.
Landbank president Alex Buenaventura revealed that they will soon make a new offer to stockholders at P215 per share, down from their P360 offer in January. This factors in the P980.61 million asset value of the bourse from P1.5 billion previously.
Buenaventura is eyeing to snap a supermajority share of 67.67 percent, now that their main contender, the Philippine Stock Exchange, has bowed out.
Landbank already got sale agreements from 43 percent of PDS Holdings in July.