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Business deals

Mitsui-backed plan to buy out Philippines' Metro Pacific hits snag

Exchange orders new adviser as minority shareholders say offer price too low

Philippine infrastructure conglomerate Metro Pacific Investments holds its annual stockholder meeting on June 6. (Photo by Cliff Venzon)

MANILA -- An attempt by Japanese trading house Mitsui & Co. and partners to buy out Philippine conglomerate Metro Pacific Investments is facing delays after the Philippine Stock Exchange raised concerns over the impartiality of the adviser on the tender offer price.

The development comes as the consortium of bidders struggled to convince minority shareholders that the tender offer price submitted in April was fair. The consortium, which aims to take the Manila-listed infrastructure group private, includes existing principal shareholders Hong Kong-based First Pacific and Philippine conglomerate GT Capital Holdings, along with Metro Pacific Chairman and CEO Manuel Pangilinan.

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