In a meeting held on May 20, 2014, the Chairman reported to the Board of Directors the submission of a Letter Offer from Leisure & Resorts World Corporation proposing the acquisition of 100% of the shares of Digiwave Solutions, Inc. (DSI). DSI is 85% owned by the Company and 15% owned by private shareholders.
The Board unanimously approved the Letter Offer subject to the subsequent approval by the stockholders and compliance with all related laws and rules of the Company. The total acquisition cost offered for 100% of the shares of DSI is Php620,000,000.00, payment of which shall be subject to terms and conditions to be determined during the due diligence period which shall be completed on or before June 15, 2014. The offer also requires that DSI deliver forty-five (45) PAGCOR e-Games Stations (PEGs), on or before the closing date to be agreed upon by the parties.