Squidpay boss told to settle P554M after botched takeover deal

Listed Premiere Horizon Alliance Corp. (PHA) scuttled a P560-million deal to buy entrepreneur Marvin dela Cruz’s SquidPay Technology Inc., thus abandoning an ambitious mobile wallet pivot while assailing the financial technology startup’s “inability to operate a viable business.”

At the same time, the PHA board said it would enforce an Oct. 29, 2020 deal to sell control of the investment holding firm to Dela Cruz’s group, which had only made a partial payment for the shares it originally agreed to buy, a stock exchange filing on Friday showed.

The SquidPay deal would have covered part of the payment for the PHA shares, but since the acquisition was withdrawn, the board said the remaining amount should be paid in cash.

Read more: https://business.inquirer.net/368157/squidpay-boss-told-to-settle-p554m-after-botched-takeover-deal#ixzz7iBPqaJEh
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