DoubleDragon Corporation (DD) has announced that it will make a tender offer to shareholders of MerryMart Consumer Corp. (MM), according to a disclosure filed by the company’s Chief Information Officer, Atty. Joselito L. Barrera, Jr.
What is a Tender Offer?
Think of a tender offer like this: Imagine you have toy cards, and someone wants to collect all of them. They make an announcement saying “I’ll buy your cards for this price.” That’s basically what DoubleDragon is doing with MerryMart shares.
When Will This Happen?
The tender offer period is scheduled to start on May 18, 2026 and will end on June 16, 2026. This gives MerryMart shareholders about one month to decide if they want to sell their shares.
How Much is DoubleDragon Offering?
DoubleDragon is offering to buy MerryMart shares at Php 0.48 per share. Here’s what makes this interesting:
- MerryMart shares were trading at only Php 0.40 per share as of May 8, 2026
- This means DoubleDragon is offering 20% more than what the shares were worth in the market
The payment will be split in two ways:
- 50% in cash – Real money
- 50% in DoubleDragon shares – Valued at Php 9.30 per DD share
Why is the DoubleDragon Share Value Important?
According to the disclosure, the Php 9.30 value that DoubleDragon is using for its shares is actually much lower than what the company says its shares are really worth. DoubleDragon’s latest book value (which is like the “actual value” of a company based on its assets) is Php 19.21 per share. This means DoubleDragon shares being given to MerryMart shareholders are valued at about 52% lower than their book value.
What is DoubleDragon Corporation?
DoubleDragon Corporation is a big Filipino company that has a Triple-A credit rating, which is like getting straight A’s in school – it means the company is very financially strong. The company has total assets worth over P217 Billion Pesos.
DoubleDragon is owned equally (35% each) by two well-known Filipino businessmen:
- Edgar “Injap” Sia II – The founder of Mang Inasal
- Tony Tan Caktiong – The founder of Jollibee
The company started as a real estate business called DoubleDragon Properties Corp., but in November 2021, it officially changed its name to DoubleDragon Corporation and transformed into an “investment holding company.” Think of it like a parent company that can own different types of businesses, not just real estate.
What is MerryMart Consumer Corp?
MerryMart is a retail company that operates grocery stores, pharmacies, and other consumer businesses. According to the disclosure, MerryMart generates over ₱7 Billion in revenues every year.
MerryMart has:
- Various grocery and wholesale stores
- Pharmacy businesses that are major players in Quezon-Luzon and Zamboanga-Mindanao
- A dominant grocery business in Capiz province
Why is DoubleDragon Buying MerryMart?
The acquisition is part of DoubleDragon’s plan to become a diversified investment holding company. By adding MerryMart to its portfolio, DoubleDragon will have businesses in:
- Provincial community malls
- Office buildings
- Warehouse complexes
- Hotels (through its Hotel101 business)
- Retail and grocery stores (through MerryMart)
According to Co-Chairman Tony Tan Caktiong in excerpts from a previous 2021 disclosure: “DoubleDragon is now in an excellent position where it can capitalize on its strong balance sheet to add worthwhile investments outside of the property sector that would have massive growth potential.”
Background: How Did This Start?
On April 15, 2025, DoubleDragon’s Board of Directors first approved buying 35% of MerryMart’s shares for Php 1.28 Billion. When a company buys 35% or more of another company, Philippine rules require them to make a “mandatory tender offer” to all remaining shareholders at the same price. That’s why this tender offer is happening now.
The Philippine Competition Commission (PCC) has already approved this transaction, which means the government agency that makes sure companies compete fairly has given it the green light.
DoubleDragon’s Big Goals
The company has ambitious plans:
- Reach ₱500 Billion in revenues by 2035
- Increase its total equity base to Php 500 Billion
- Expand its Hotel101 business to 1 million rooms in 100 countries globally
In 2026 alone, DoubleDragon is opening 2,229 new hotel rooms, including:
- 680 rooms in Madrid, Spain (opened in March)
- 519 rooms in Davao
- 548 rooms in Cebu
- 482 rooms in Niseko Hokkaido, Japan (expected December 2026)
The Hotel101-Niseko will be one of the largest hotel projects in that area and will mark DoubleDragon’s formal entry into Japan, generating revenues in Japanese Yen.
What Happens After the Acquisition?
Once DoubleDragon completes the acquisition, MerryMart will become directly part of the Triple-A credit-rated DoubleDragon Group. This could provide MerryMart with stronger financial backing and resources.
According to Chairman Edgar Injap Sia II from a previous disclosure: “As our world pivots to a new economy, my partner and mentor Dr. Tony Tan Caktiong and myself view this as the right time for DoubleDragon to prepare itself for extraordinary opportunities that will present itself along the way.”
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
