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Land Bank of the Philippines extends offer period to buy PDS Holdings' shares

Land Bank of the Philippines extended the offer period for its proposed acquisition of Philippine Dealing System Holdings Corp., or PDS Holdings, shares, the Philippine Daily Inquirer reported Dec. 28, citing bank President Alex Buenaventura.

The bank is extending its offer to buy a 66.67% controlling stake in PDS to Jan. 31, 2019, from Dec. 31 as there was "no response so far" from the latter's shareholders, Buenaventura said in a text message.

Land Bank in October reduced its offer price to 215 pesos per share from 360 pesos after PDS Holdings paid its shareholders dividends worth 600 million pesos in June. Buenaventura said the payout reduced PDS Holdings' asset value.

Earlier in 2018 the bank said it hopes to receive acceptances for its offer from most shareholders by November.

At the time of the previous offer, 43% of the shareholders gave their acceptance letters for Land Bank's offer of 360 pesos per share.

As of Dec. 28, US$1 was equivalent to 52.50 Philippine pesos.