SM Investments Corporation (PSE:SM) made a tender offer acquire additional 15.38% stake in 2GO Group, Inc. (PSE:2GO) for PHP 5.5 billion on February 28, 2023. Under the terms, SM Investments will acquire 378 million shares at a price of PHP 14.64 per share in cash. Currently, SM Investments Corporation holds 52.88% stake in 2GO Group.

Tender offer has been approved by board of directors of SM Investments and is subject to independent third party fairness opinion. Tender Offer may result in the delisting of 2GO from the Main Board of the PSE, subject to the compliance with other requirements of the PSE for voluntary delisting, and applicable regulations of the Securities and Exchange Commission. Tender offer period is from March 15, 2023 to April 28, 2023.

BDO Securities Corporation acted as a transfer agent, BPI Capital Corporation acted as financial and fairness opinion provider to 2GO Group. As of April 18, 2023, via remote communication, stockholders owning 2,409,564,081 shares or 97.86% of the outstanding capital stock of 2GO approved the voluntary delisting of 2GO from the Main Board of the PSE. No votes were cast against the voluntary delisting of the company.