BDO, One Network defer closing share purchase deal

BDO Unibank Inc. and shareholders of Mindanao-based One Network Bank Inc. have decided to defer closing a share purchase deal approved by the Bangko Sentral ng Pilipinas.

 

Consummating the transaction at a later date gives BDO and the selling shareholders of One Network time to fulfill regulatory requirements related to the tender offer BDO is required to make, the Sy-led BDO said in a disclosure on Tuesday.

 

The transaction covers up to 247,169,837 common shares and 20,540 preferred shares, each with a par value of P10, and amounts to 100 percent of the total outstanding shares of One Network.

 

"The final purchase price will be based on the adjusted net asset value of One Network and will be fixed at completion date. Purchase price payable in BDO common shares or in cash," the disclosure read.

 

One Network will become a subsidiary of BDO and will expand the distribution network of the BDO once the transaction is complete.

 

"Parties estimate closing of the transaction within two months but the parties will exercise their best efforts to achieve closing soonest subject to the required regulatory approvals," according to the disclosure.

The Bangko Sentral approved the transaction last March 27.

 

One Network is a consolidation of the Rural Bank of Panabo, Network Rural Bank (Davao) and Provident Rural Bank of Cotabato. – VS, GMA News