The Philippines Securities and Exchange Commission extended the tender offer period of geothermal power producer Energy Development Corp. (EDC) by another 20 days.
EDC said the SEC allowed the company to extend the tender offer period for an additional 20 business days from Oct. 22, 2018, if an extension would be necessary or desirable in order to complete the tender offer.
The tender offer period is targeted to commence from Sept. 25 to Oct. 22 and is subject to a minimum of 1.162 billion common shares being tendered and eligible for acceptance by EDC through the tender offer.
The tender offer will reduce the percentage of shares held by the public to less than 5 percent from 10.9 percent and in turn, allow a voluntary delisting of the company, subject to PSE approval.
From the Global Geothermal News archives:
- Wednesday, August 8, 2018 - Philippines: Geothermal Developer to Acquire Remaining Publicly-Held Common Shares