GAMING firm Belle Corp. on Monday is planning to conduct a tender offer for all shares of subsidiary Premium Leisure Corp. in preparation for the latter's delisting.

The tender offer and the delisting from the Philippine Stock Exchange (PSE) were approved by the company's board of directors on Monday, Belle said in a filing.

The filing of an application for the voluntary delisting will be subject to the conduct of a valuation study and the issuance of a fairness opinion by an independent third party, it added.

The company's board tapped First Metro Investment Corp. to conduct the valuation study and issue a fairness opinion report.

In a separate disclosure, Premium Leisure said it had been informed of Belle's intention to undertake the mandatory tender offer, which will require the latter's receipt and acceptance of First Metro's fairness opinion report.

Premium Leisure's board of directors, in a special meeting on Monday, approved the voluntary delisting subject to both the successful tender offer by Belle and in accordance with PSE requirements.

Premium Leisure requested a voluntary trading suspension for the day, which the PSE approved immediately.

The firm's shares still closed 1 centavo higher at P0.74 apiece, while Belle's share price went up by 50 percent to P1.92 on Monday.

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