MerryMart Consumer Corp. (MM), now almost fully owned by DoubleDragon Corp. (DD) after a tender offer, has formally filed its petition for voluntary delisting from the Philippine Stock Exchange (PSE).

To support its bid to be delisted from the bourse, MM said that, on June 24, 2026, the block sale to implement the tender offer of DD for MM shares was transacted through the facilities of the PSE.

DD is now the owner of a total of 7.49 billion common shares of MM, or 98.61 percent of its outstanding capital. Thus, DD has exceeded the minimum acquisition threshold of 95 percent of MM’s outstanding capital stock as required for voluntary delisting.

Also, during MM’s special stockholders’ meeting last Tuesday, July 7, the firm’s shareholders owning more than two-thirds of the total outstanding common shares of MM approved the proposal to voluntarily delist from the PSE, and no vote against it from a shareholder was received.

MM said all the other requirements to voluntarily delist from the PSE have also been fully complied with.

“DD’s acquisition of MM or Project Solidify as we internally call this transaction, is intended to enable the MM shareholders to stay as DD shareholder with good exchange valuation of ₱9.30 of each DD share,” said Edgar “Injap” Sia II, who is MerryMart chairman and DoubleDragon co-chairman.

DoubleDragon recently launched a ₱758-million mandatory tender offer for MM’s minority shares consisting of 1.58 billion MerryMart shares, equivalent to its public float of 20.79 percent of its outstanding capital of 7.59 billion shares.

Sia noted that MM’s becoming part of the ecosystem of DD after the tender offer will help the group streamline operations, gain cost effectiveness, and other advantages of being part of the bigger group.

“These advantages will make the whole DD Group gain more efficient and more optimized business ecosystem. The recalibration should strategically benefit both entities over the long run,” he said.

MM explained that, “The main rationale of this transaction is to consolidate the focus of the DoubleDragon and MerryMart management team and to optimize the synergies that will be brought about by the combined forces of the DoubleDragon Group of the Injap Group and the Jollibee Group, who are the main principals of the combined DD and MM post-merger of the two entities.”

Since the tender offer will pay for MM shares in the form of 50-percent cash and half in DoubleDragon shares, it is intended for the current MM shareholders to have the opportunity to become part of the combined DoubleDragon Group.

After DoubleDragon’s acquisition, MerryMart will get a boost in its credit and financial position by being a direct subsidiary of DoubleDragon, which currently has ₱225.3 billion in total assets.

MM said the current ₱9.30-per-share value of DD shares to be paid to MM shareholders is less than half, or around 52 percent lower than DD’s latest available book value of ₱19.21 per share, “excluding the possible further growth of its value once the set future goals of the combined DD and MM entity comes to fruition.” - James A. Loyola