Robinsons Retail tender offer succeeds, leaving 0.31 percent of shares with the public

Rappler reported that Robinsons Retail Holdings Incorporated is moving closer to leaving the Philippine Stock Exchange after its largest shareholder secured enough support for a tender offer to take the company private. , a privately held holding company of the Gokongwei family, offered P48.30 per share to minority shareholders. The offer ran from May 25 to July 6, 2026.

Shareholders tendered 229.58 million shares by the end of the period, exceeding the 95 percent ownership threshold required for voluntary delisting. The tendered shares are scheduled to be crossed through the exchange on July 13 and settled on July 15.

After settlement, JE Holdings and other delisting proponents will collectively own 99.69 percent of the company, with 0.31 percent remaining in public hands.

RRHI must still obtain PSE approval to complete the delisting. The company listed on the PSE in 2013 and raised P28.12 billion from its initial public offering and overallotment shares. It grew from 940 stores that year to 2,368 stores as of September 2023.

Brands include Robinsons Supermarket, Handyman, True Value, Toys “R” Us, Uncle John’s, Daiso Japan, South Star Drug, and The Generics Pharmacy. RRHI had approved a P2-billion share buyback program in March 2020 and repurchased about 510.87 million shares for P24.71 billion under that program.

The Gokongwei group cited market conditions and macroeconomic factors as reasons the share price remained undervalued relative to the company’s fundamentals.

“We are grateful for the trust and support our shareholders have shown RRHI over the years, and for their engagement throughout this process,” RRHI president and CEO Stanley C. Co said. ” RRHI chairperson Robina Gokongwei-Pe also thanked shareholders.