Merkado Barkada
October 15, 2024 | 8:10am
The shareholders of SFA Semicon Philippines [SSP 2.13, down 0.5%; 0% avgVol] [link] voted to approve the planned delisting, with at least two-thirds of the stockholders voting in favor, and no shareholders casting votes against delisting. This caused SSP to file its official petition to the PSE to delist, which it hopes will be effective Dec. 12, 2024.
MB bottom-line: The tender offer by SSP’s parent company, SFA Semicon of Korea (SSK), will need to attract more than half of the outstanding public float to be successful. SSK owns approximately 90% of the outstanding shares, but it needs to get at least half of the remaining 10% to delist. The tender offer started yesterday and will run through November 12. I know that there has been a long and bitter campaign by some of SSP’s shareholders to push back against the tender offer price, but I have not seen any of the complaints being picked up by other media outlets or echoed by other minority shareholders. I honestly don’t have enough background knowledge to comment, other than to acknowledge that reasonable minds appear to be able to disagree on the valuation, but that this vote indicates that it might not matter.
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