The share price offered by the operator of City of Dreams Manila to its shareholders prior to being delisted from the Philippine Stock Exchange (PSE) has been criticized by analysts as too low, local news outlet BusinessWorld reported.

Melco Resorts and Entertainment (Philippines) Corporation, in its petition for voluntary delisting, had set a tender offer price of PHP7.25 ($0.13) per share for about 1.57 billion shares, constituting about 27% of the company.

This price, as calculated by independent financial adviser FTI Consulting Philippines, Inc. (FTI CPI), is higher than the stock’s price of PHP6.21 ($0.12) as of September 7. Furthermore, the volume weighted average price of the stock was calculated at PHP7.32 ($0.14) over a one-year period, and PHP6.52 ($0.12) over six months.

Even so, the price is half of its initial public offering (IPO) price of PHP14 ($0.26) back in 2013.