BDO Unibank consummates One Network acquisition

BDO Unibank Inc. has completed the acquisition of a rural bank in Mindanao under a share swap deal.

 

The universal bank acquired 99.95 percent of the outstanding capital of One Network Bank Inc. (ONB), according to a disclosure released by the Philippine Stock Exchange (PSE) on Tuesday.

 

Under the transaction, ONB shareholders received 0.2618 BDO share for each share in the rural bank.  

 

BDO issued 64,499,890 listed common shares and an equal number of new shares from its unissued capital stock. 

 

BDO common shares traded on the PSE settled at P103.50 apiece at the closing bell on Monday.

 

As required by Securities and Exchange Commission, BDO made a tender offer to the minority shareholders of the rural bank – deemed a public company with over 1,700 shareholders.

 

"The acquisition of ONB expands the regional presence of BDO in the country, particularly in its target market in the southern Philippines and opens up business lines for BDO," Corporate Information Officer Elmer Serrano told the PSE. 

 

ONB has 98 branches focused in the Mindanao region. – Keith Richard Mariano/VS, GMA News