DoubleDragon Corp. has acquired nearly 99 percent of MerryMart Consumer Corp.’s minority shares through a mandatory tender offer, clearing the path for the grocery retail chain to voluntarily delist from the Philippine Stock Exchange (PSE)

The ₱758 million transaction, internally dubbed “Project Solidify,” aimed to buy out MerryMart’s public float of 1.58 billion shares, which represented 20.79 percent of its 7.59 billion outstanding capital stock.

Under the terms of the offer, minority shareholders received payment in a combination of 50 percent cash and 50 percent DoubleDragon shares, valued at an exchange rate of ₱9.30 per share.

The consolidation is designed to integrate MerryMart directly into DoubleDragon’s ecosystem to streamline operations, cut costs, and optimize corporate synergies. Both companies are controlled by Philippine tycoons Edgar Sia II and Tony Tan Caktiong, the founder of Jollibee Foods Corp.

The transaction is intended to enable MerryMart shareholders to retain a stake in the parent company at a favorable valuation, according to Sia, who serves as chairman of MerryMart and co-chairman of DoubleDragon.

He noted that the current valuation of ₱9.30 per DoubleDragon share represents a discount of about 52 percent relative to the company’s latest book value of ₱19.21 per share, leaving room for potential upside as the combined entity pursues its long-term targets.

As a direct subsidiary of DoubleDragon, which holds ₱225.3 billion in total assets, MerryMart is expected to benefit from an enhanced credit profile and a stronger financial position. The management teams of both companies will combine forces to leverage the retail and real estate footprints of the Injap Group and the Jollibee Group.

The restructuring aligns with DoubleDragon’s broader corporate strategy through 2035. The property developer plans to expand its domestic subsidiaries—including MerryMart, CityMall, DDMP REIT Inc., and CentralHub—across all 82 provinces in the Philippines. Simultaneously, the group is pushing the international expansion of its Hotel101 condotel brand, targeting a presence in 100 countries.

Following the near-total absorption of the public float, MerryMart will proceed with its formal petition for voluntary delisting from the local bourse, shifting its operational growth entirely under the umbrella of the broader DoubleDragon group. (James A. Loyola)