The Securities and Exchange Commission directed businessman Greggy Araneta to proceed with the acquisition of 653.15 million common shares of PhilWeb through a special block sale simultaneously with the commencement of the mandatory tender offer.

The Securities and Exchange Commission directed businessman Greggy Araneta to proceed with the acquisition of 653.15 million common shares of PhilWeb through a special block sale simultaneously with the commencement of the mandatory tender offer.

Araneta forged a deal to acquire a total of 771.65 million shares comprising 53.76 percent of PHilWeb from former trade minister Roberto V. Ongpin for P2 billion or P2.60 per share.

The implementation of the block sale is subject to the payment of the corresponding filing fee amounting to P20,000.

The second tranche, representing 118.5 million common shares, shall be concluded not later than the conclusion of the tender offer.

A tender offer gives minority shareholders the opportunity to exit when there?s a change in management or shareholder control.