Globe Telecom has offered to acquire Bayan Telecommunications’ (BayanTel) financial obligations. It has launched the tender offer to buy 100 per cent of BayanTel’s debt, including the liabilities of its subsidiary, Radio Communications. The tender, expiring on December 18, 2012, will be completed on the condition that creditors holding at least 70 per cent of the debt agree to sell their holdings to Globe. The telecom operator is planning to purchase BayanTel’s debt notes (PhP 8.21 billion) at a lower cost of PhP 7.55 billion in cash. Separately, Globe Telecom has also begun talks with BayanTel’s owners, the Lopez Group, to acquire a stake in the company.
