FSG minorities snub buyout offer

Exiting: FSG will soon delist from BSE
Exiting: FSG will soon delist from BSE

Only 308 FSG shareholders representing 3.3 percent of the company’s stock have accepted a P2.80 per share buyout offer from the majority owners of the company.

The offer had been made to a total of 1,520 shareholders holding 24.6 percent of the company’s shares, meaning about 87 percent of minority shareholders declined to be bought out of FSG.

The offer closed on the 4th of December.

Editor's Comment
Justice delayed is development denied

The P300 million internal roads tender is a case study. A bidder’s complaint revealed alleged irregularities. A tribunal ordered a re-evaluation.The council and the initial winner appealed to the High Court. Now, the Ministry of Local Government and Traditional Affairs, frustrated by the delay, writes to the council suggesting the tender be cancelled, and an alternative procurement model be explored, while the matter is still before the courts....

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