MCO Investments Limited, the controlling shareholder of Melco Resorts and Entertainment (Philippines) Corporation (MRP), is moving forward with a tender offer. There have been concerns surrounding its share price offer, as well as whether or not the company would be able to receive the required 95% minimum of outstanding stock for it to be delisted from the Philippine Stock Exchange (PSE).

MRP said in a filing with the exchange last Friday that shareholders need to decide what is a fair price for the shares under the tender offer and adjust their shares accordingly. MRP had initially said that the price would be 7.25PHP (US$0.13); however, a backlash over the price led the company to delay the tender offer for two weeks.

The company asserted in last Friday’s filing, “Any further unnecessary delay or disruption to the tender offer will essentially deprive the MRP shareholders of their entitlements and rights as shareholders of MRP to consider and participate in the tender offer.”

The 7.25PHP price point is said to be too low, as it is only about half of what the initial share price was in 2013. Investors have attempted to compare MRP to other publicly listed companies in Manila, such as Travellers International Hotel Group and Bloomberry Resorts.