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The Gokongwei family is a step closer to taking Robinsons Retail Holdings Incorporated private after securing enough shareholder support for its delisting plan. The company's largest shareholder, JE Holdings Inc., received enough shareholder support for its tender offer, allowing it to buy out minority shareholders. This means Robinsons Retail will soon be delisted from the Philippine Stock Exchange (PSE).

And what does this mean for the company? Robinsons Retail will no longer be traded on the stock exchange, making it harder for any remaining minority shareholders to sell their shares. This is because delisting a company means it is no longer listed on the stock exchange, and shares will no longer be traded publicly.

Robinsons Retail is one of the country's largest and most visible retailers, with businesses spanning supermarkets, department stores, DIY, convenience stores, drugstores, and specialty stores. Its brands include Robinsons Supermarket, Handyman, True Value, Toys “R” Us, Uncle John’s, Daiso Japan, South Star Drug, and The Generics Pharmacy.

The Gokongwei family, through JE Holdings, has been pursuing the delisting because they believe the company's stock market price no longer reflects the company's true value. By taking the company private, they can consolidate ownership and pursue their long-term plans away from the pressures of the public market. Robinsons Retail president and CEO Stanley C. Co said they are grateful for the trust and support their shareholders have shown over the years, and their commitment to being the retailer of choice in the Philippines remains unchanged.

But why did the Gokongwei family decide to take the company private? According to Robinsons Retail, their share price has remained undervalued despite their fundamentals and long-term prospects. They believe that the public market is undervaluing the business, and by taking it private, they can consolidate ownership and pursue their goals without the pressures of the public market.

The tender offer was made to buy shares from minority shareholders at P48.30 apiece, and the offer ran from May 25 to July 6. By the end of the offer period, shareholders had tendered 229.58 million shares, which was more than enough for JE Holdings and other proponents to meet the 95% ownership threshold required for voluntary delisting.

Only 0.31% of the company's shares will remain with the public after the delisting. The next step is for Robinsons Retail to secure approval from the PSE to voluntarily delist its shares.

Key Facts

• PSE delisting threshold: 95% • Number of shares tendered: 229.58 million • Tender offer price: P48.30 apiece • Proponents' current ownership: 99.69% • Shares remaining with public: 0.31%