DoubleDragon Corp., the real estate venture led by tycoons Tony Tan Caktiong and Edgar Sia II, has scheduled its ₱758-million mandatory tender offer for the minority shares of MerryMart Consumer Corp. to begin on May 18, 2026.

The tender offer period will run until June 16, 2026, and covers 1.58 billion MerryMart shares. These shares represent the retailer’s public float, or approximately 20.79 percent of its 7.59 billion outstanding common shares.

DoubleDragon is offering ₱0.48 per MerryMart share, a structure that utilizes a mix of liquid and equity assets. According to the company, half of the consideration will be settled in cash, while the remaining half will be paid in DoubleDragon common shares valued at ₱9.30 each.

DoubleDragon noted that the valuation of its shares being offered to MerryMart investors represents a significant discount to the company’s internal metrics.

At ₱9.30 per share, the exchange value is roughly 52 percent lower than DoubleDragon’s most recent book value of ₱19.21 per share. Furthermore, the ₱0.48 offer price provides a 20 percent premium over MerryMart’s closing price of ₱0.40 on May 8, 2026.

The transaction has already received regulatory clearance from the Philippine Competition Commission. Once the acquisition is finalized, MerryMart—previously a separate entity under Sia’s control—will become a direct subsidiary within the DoubleDragon Group.

The integration is expected to bolster DoubleDragon’s balance sheet with more resilient, non-cyclical income streams.

DoubleDragon noted that MerryMart generates more than ₱7 billion in annual recurring revenues, primarily through essential retail segments including groceries and pharmacies. The company believes this consumer-centric revenue base will stabilize the group’s ecosystem.

MerryMart currently maintains a diverse retail and wholesale footprint, bolstered by pharmacy subsidiaries in Quezon, Luzon, and Zamboanga-Mindanao, alongside a leading grocery position in Capiz province.

The groundwork for this consolidation began in April 2025, when DoubleDragon acquired an initial 35 percent stake in MerryMart for ₱1.28 billion. That purchase involved 2.66 billion common shares priced at ₱0.48 per share, based on a 30-day volume-weighted average price.

That valuation pegged MerryMart’s total equity at approximately ₱3.65 billion. By bringing the remaining minority stake under its umbrella, DoubleDragon expects to unlock long-term synergies across its logistics, real estate, and consumer portfolios.