News Update PLDT extends tender offer for Digitel shares

Philippine Long Distance Telephone Co. (PLDT) is extending a tender offer for the remaining shares in Digital Telecommunications Philippines Inc. (Digitel). PLDT told the Philippine Stock Exchange on Friday that the Securities and Exchange Commission approved its bid to extend the tender period to noon, Monday, Jan. 16. PLDT wants buy the remaining 3.08 billion Digitel shares, or 48.45 percent of the issued and outstanding capital stock of the Sun Cellular operator. The tender offer covers Digitel common shares issued upon conversion of Digitel's convertible bonds due 2013. PLDT is offering P1.6033 per Digitel share. The tender offer, starting Dec. 7, 2011, was originally scheduled to end on Jan. 9, 2012. PLDT and JG Summit last year entered a share swap deal that gave PLDT 51.5 percent of Digitel equity, in exchange for 12 percent of PLDT. — CMA/VS