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The Gokongwei group is taking Robinsons Retail – the company behind Robinsons Supermarket, The Marketplace, Uncle John's, and others – private, arguing that RRHI’s stock market price no longer reflects the company’s true value
MANILA, Philippines – Robinsons Retail Holdings Incorporated (RRHI) is moving closer to leaving the Philippine Stock Exchange (PSE) after its largest shareholder, JE Holdings Inc., received enough shareholder support for its tender offer.
JE Holdings is a privately held holding company of the Gokongwei family and the entity making the tender offer to buy out minority shareholders as part of the plan to take Robinsons Retail private. RRHI’s shareholder records earlier showed JE Holdings owning about 32.86% of the company, making it the biggest named shareholder.
Under the tender offer, JE Holdings offered to buy shares from RRHI’s minority shareholders at P48.30 apiece. The offer ran from May 25 to July 6.
