Bell Price Tender Offer To delist Premium Leisure

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Philippines-listed Bell Corp said Wednesday it is pricing a tender offer for all outstanding common shares of its gaming division Premium Leisure Corp at $0.85 per share ($0.015 in U.S. dollars).

On March 11, Bell told the main board of the Philippine Stock Exchange that it aims to apply for a "voluntary delisting" of premium leisure. 파워볼사이트

Premium Leisure is an investor in City of Dreams Manila, a casino resort in the Philippine capital operated by Melco Resorts & Entertainment Ltd. Bell earns a portion of the gaming revenue generated by City of Dreams Manila through Premium Leisure.

Bell's casino revenue generated from City of Dreams Manila's gaming business share rose 49.9% year-over-year to nearly 2.34 billion PHP (US$41.7 million) in 2023.

On Wednesday, the Philippine Stock Exchange approved a request to suspend voluntary stock trading "in light of material information" that Bell had expected to disclose.

The tender offer period runs from Friday (March 22) to April 24, 2024. The payment and settlement of shares to be tendered is set for April 25 to May 9, according to a filing on Wednesday.

Under the rules of the Philippine Stock Exchange, Bell must receive and accept offers for at least 95% of its premium leisure-issued capital to pursue delisting.