MANILA - Metro Pacific Investments Corporation Chairman Manny Pangilinan said there is no reason to revise the offer price of MPIC shares, so far.

At a media briefing Wednesday, Pangilinan, who leads one of the companies in a consortium that offered to buy MPIC common shares, said they will stick to its offer of P4.63 per share. But they will continue to monitor price movements as there's still time before stockholders vote to accept the tender offer or not at the Annual Shareholder's Meeting which was reset to June 6, 2023.

"Let's wait. We're not against reconsidering the offer price. We are not saying we will improve the offer price. But we are monitoring," said Pangilinan.

"So far there are no indications why we should adjust the offer," he added.

Pangilinan reacted to some analysts who argued that the offer price should be higher, as MPIC is a huge company. But Pangilinan reiterated that the reason he wants to go private is because the value of MPIC stocks has been low for some time.

He said if MPIC stock soars in the coming weeks, there may be no need to delist.

"A few days after the announcement of the tender offer, there were commentators who said actually the real value of MPIC should be P11.90 per share. If it reaches P11, we'll be very happy. Will be the first to withdraw our offer," he said.

Pangilinan also reminds analysts MPIC also has debt.

"Madali magsalita na dapat 6 pesos ang bid nila kasi underlying net asset value of MPIC should be X. Nakakalimutan nila ang utang sa MPIC."

Investment analyst Stephen Cuunjieng meanwhile gave this advice to MPIC's minority shareholders.

"If you have something better to do with the money take it. If you don't stay – and hope that other people (stay too) Basically, it's a game of chicken," said Cuunjieng.

• Tired of 'Pangilinan-led': MVP explains move to delist MPIC
• Metro Pacific files for voluntary delisting with PSE

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