Globe completes acquisition of Bayan debts

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The development also paves the way for a likely formal takeover by Globe over Bayan, which has been under rehabilitation since 2004. In a disclosure on Thursday at the Philippine Stock Exchange, Globe said it has completed its previously announced offer to purchase the outstanding loans of Bayan. As the expiration date for the tender offer arrived on Dec. 18, Globe said it did not withdraw its offer to buy ?approximately 92.9 percent of the aggregate remaining principal amount of notes? that were due in 2006. ?All of the conditions to the tender offer, as set forth in Globe’s amended and restated offer to purchase dated November 6, 2012? have been satisfied or waived. Globe expects to accept for purchase all of the Notes validly tendered and not withdrawn in the tender offer,? the company said. In the disclosure, Globe said it expects that that ?settlement date of the tender offer to occur not later than December 21, 2012.? In reports, Bayan?s list of local creditors includes Land Bank of the Philippines, Development Bank of the Philippines, and the United Coconut Planters Bank. The foreign creditors, meanwhile, are Avenue Asia Investments and Van Eck Global Opportunity Masterfund. ]]>

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