For Melco Group tender cost was $184 million

For Melco Group tender cost was $184 million

The company, controlled by Melco International Development Ltd, which is a casino investor in Asia and headed by Lawrence Ho, spent 9.7 billion Philippine pesos ($ 184 million) to buy shares of Melco Resorts and Entertainment Corp (Philippines).

Information was included in a tender report submitted by Melco Resorts Philippines to the Philippine Stock Exchange. Melco Resorts Philippines is the operator of the City of Dreams Manila Resort Casino in the capital of the Philippines.

The Melco Group acquired about 1.34 billion shares of Melco Resorts Philippines through a tender. The price per share was 7.25 Filipino pesos. More than half of these shares - about 766.7 million - are controlled by Filipino shareholders.

Trades were suspended after a recently completed tender offer placed by the company's public offering below the minimum level required by the rules of the local stock exchange.

Melco International Development Ltd, the main shareholder of the Melco Resorts Philippines, reported on Monday that after the completion of the tender for stocks at the end of November, the Melco group is expected to directly or indirectly control approximately 97.9% of the shares in circulation. Consequently, the public share of Melco Resorts Philippines is approximately 2.1%, which is below the minimum requirement of 10%.

The Melco Group owned a controlling stake (over 72%) of the Melco Resorts Philippines even before the tender offer.

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