Real estate major DoubleDragon is launching a tender offers for shares of MerryMart, while telecom major Globe said GCash parent Mynt contributed 30% of its pre-tax income.
DoubleDragon launches tender offer for MerryMart
Listed real estate firm DoubleDragon said it will launch a mandatory tender offer for shares of MerryMart Consumer Corp following its acquisition of a 35% stake in the Philippine grocery and pharmacy operator.
The tender offer will run from May 18 to June 16, with DoubleDragon offering 0.48 pesos per MerryMart share, payable half in cash and half in DoubleDragon shares valued at 9.30 pesos apiece, according to a disclosure.
The offer price is 20% higher than MerryMart’s 0.40 pesos closing price on May 8.
DoubleDragon’s board approved the acquisition of 2.66 billion MerryMart shares in April 2025, valuing the transaction at 1.28 billion pesos ($20.8 million). The Philippine Competition Commission has cleared the deal.
MerryMart generates more than 7 billion pesos in recurring annual revenues, mainly from grocery, pharmacy, and other consumer businesses.
DoubleDragon said the acquisition would support its transition into an investment holding company and complement its portfolio of community malls, offices, warehouses, and hotels.
GCash accounts for 30% of Globe’s income in Q1
GCash parent Mynt contributed 30% of Globe Telecom’s pre-tax income in the first quarter of 2026, underscoring the growing role of the Philippine telco’s fintech investment as its core connectivity business posted steady growth.
Globe said its equity share in Mynt rose 8% year-on-year to 1.9 billion pesos in the three months ended March, and more than doubled from the previous quarter. Mynt operates GCash through G-Xchange and also owns lending platform Fuse Financing.
GCash was earlier reported to have hired banks, including Citi, Jefferies, and UBS, to work on a domestic IPO of up to $1.5 billion that could take place this year.
Globe’s consolidated service revenues rose 5% year-on-year to 42 billion pesos, driven by mobile data, fibre broadband, and enterprise ICT demand.
Mobile revenues grew 6% to 30 billion pesos, while home broadband and corporate data revenues each rose 6% to 6.2 billion pesos and 5.1 billion pesos, respectively.
EBITDA increased 7% to 22.2 billion pesos, while core net income rose 9% to 4.9 billion pesos. Reported net income fell 20% to 5.6 billion pesos due to one-off gains booked a year earlier.
