Cemco Holdings v National Life Insurance Company

CEMCO HOLDINGS, INC., Petitioner, Petitioner, vs. NATIONAL LIFE INSURANCE COMPANY COMPANY OF THE PHILIPPINES, INC., Respondent. Tis Petition !or Revie" #nder R#$e %& o! te R#$es o! Co#rt see's to reverse (nd set (side te )% O*to+er )& De*ision - (nd te  M(r* ) Reso$#tion) o! te Co#rt o! Appe($s in CA/G.R. SP No. 001&0 "i* (!!ir2ed te 3#d42ent5 d(ted -% Fe+r#(r6 )& o! te Se*#rities (nd E7*(n4e Co22ission 8SEC9 !indin4 t(t te (*:#isition o! petitioner Ce2*o Ho$din4s, In*. 8Ce2*o9 o! te s(res o! sto*' o! ;(*not(n Conso$id(ted Ind#stries, In*. 8;CI9 (nd At$(s Ce2ent Corpor(tio Corpor(tion n 8ACC9 in Union Ce2ent Ho$din4s Ho$din4s Corpor(tio Corpor(tion n 8UCHC9 8UCHC9 "(s *overed +6 te M(nd(tor6 O!!er R#$e #nder Se*tion -< o! Rep#+$i* A*t No. 01 (nd ACC "it )

 As ( *onse:#en*e o! tis dis*$os#re, dis*$os#re, te PSE, in ( $etter to te SEC d(ted -& @#$6 )%, )%, in:#ired (s to "eter te Tender O!!er R#$e #nder R#$e -< o! te I2p$e2entin4 R#$es o! te Se*#rities Re4#$(tion Code is not (pp$i*(+$e to te p#r*(se +6 petitioner o! te 2(3orit6 o! s(res o! UCC. In ( $etter d(ted - @#$6 )%, Dire*tor @#stin( C($$(n4(n o! te SEC?s Corpor(te Fin(n*e Dep(rt2ent responded to te :#er6 o! te PSE t(t "i$e it "(s te st(n*e o! te dep(rt2ent t(t te tender o!!er r#$e "(s not (pp$i*(+$e, te 2(tter 2#st sti$$ (ve to +e *on!ir2ed +6 te SEC en +(n*. Tere(!ter, in ( s#+se:#ent $etter d(ted )1 @#$6 )%, Dire*tor C($$(n4(n *on!ir2ed t(t te SEC en +(n* (d reso$ved t(t te Ce2*o tr(ns(*tion "(s not *overed +6 te tender o!!er r#$e. On )0 @#$6 )%, !ee$in4 (44rieved (44rieved +6 te tr(ns(*tion, tr(ns(*tion, respondent respondent N(tion($ Li!e Ins#r(n*e Ins#r(n*e Co2p(n6 Co2p(n6 o! te Pi$ippines Pi$ippines,, In*., ( 2inorit6 2inorit6 sto*'o$de sto*'o$derr o! UCC, sent ( $etter $etter to Ce2*o Ce2*o de2(ndin4 te $(tter to *o2p$6 "it te r#$e on 2(nd(tor6 tender o!!er. Ce2*o, o"ever, re!#sed. On & A#4#st )%, ( S(re P#r*(se A4ree2ent "(s e7e*#ted +6 ACC (nd ;CI, (s se$$ers, (nd Ce2*o, (s +#6er. On -) A#4#st )%, te tr(ns(*tion "(s *ons#22(ted (nd *$osed. On -< A#4#st )%, respondent N(tion($ Li!e Ins#r(n*e Co2p(n6 o! te Pi$ippines, In*. !i$ed ( *o2p$(int "it te SEC (s'in4 it to reverse its )1 @#$6 )% Reso$#tion (nd to de*$(re te p#r*(se (4ree2ent o! Ce2*o void (nd pr(6in4 t(t te 2(nd(tor6 tender o!!er r#$e +e (pp$ied to its UCC s(res. I2p$e(ded in te *o2p$(int "ere Ce2*o, UCC, UCHC, ;CI (nd ACC, "i* "ere ten re:#ired +6 te SEC to !i$e teir respe*tive *o22ent on te *o2p$(int. In teir  *o22ents, *o22ents, te6 "ere #ni!or2 in (r4#in4 n4 t(t te tender o!!er r#$e (pp$ied on$6 to ( dire*t dire*t (*:#isition o! te s(res o! te $isted *o2p(n6 (nd did not e7tend to (n indire*t (*:#isition (risin4 !ro2 te p#r*(se o! te s(res o! ( o$din4 *o2p(n6 o! te $isted !ir2. In ( De*ision d(ted -% Fe+r#(r6 )&, te SEC r#$ed in !(vor o! te respondent +6 reversin4 (nd settin4 (side its )1 @#$6 )% Reso$#tion (nd dire*ted petitioner Ce2*o to 2('e ( tender o!!er !or  UCC s(res to respondent (nd oter o$ders o! UCC s(res si2i$(r to te *$(ss e$d +6 UCHC in (**ord(n*e "it Se*tion o! UCC, ( p#+$i*$6/ $isted *o2p(n6, tro#4 its p#r*(se o! te s(res in UCHC, ( non/$isted *o2p(n6.

8n9 E7er*ise s#* oter po"ers (s 2(6 +e provided +6 $(" (s "e$$ (s tose "i* 2(6 +e i2p$ied !ro2, or "i* (re ne*ess(r6 or in*ident($ to te *(rr6in4 o#t o!, te e7press po"ers 4r(nted te Co22ission to (*ieve te o+3e*tives (nd p#rposes o! tese $("s.

Te !ore4oin4 provision +esto"s #pon te SEC te 4ener($ (d3#di*(tive po"er "i* is i2p$ied !ro2 te e7press po"ers o! te Co22ission or "i* is in*ident($ to, or re(son(+$6 ne*ess(r6 to *(rr6 o#t, te per!or2(n*e o! te (d2inistr(tive d#ties entr#sted to it. As ( re4#$(tor6 (4en*6, it (s te in*ident($ po"er to *ond#*t e(rin4s (nd render de*isions !i7in4 te ri4ts (nd o+$i4(tions o! te p(rties. In !(*t, to deprive te SEC o! tis po"er "o#$d render te (4en*6 in#ti$e, +e*(#se it "o#$d +e*o2e po"er$ess to re4#$(te (nd i2p$e2ent te $(". As *orre*t$6 e$d +6 te Co#rt o! Appe($s e (re nonete$ess *onvin*ed t(t te SEC (s te *o2peten*e to render te p(rti*#$(r de*ision it 2(de in tis *(se. A de!inite in!eren*e 2(6 +e dr("n !ro2 te provisions o! te SRC t(t te SEC (s te (#torit6 not on$6 to investi4(te *o2p$(ints o! vio$(tions o! te tender o!!er r#$e, +#t to (d3#di*(te *ert(in ri4ts (nd o+$i4(tions o! te *ontendin4 p(rties (nd 4r(nt (ppropri(te re$ie!s in te e7er*ise o! its re4#$(tor6 !#n*tions #nder te SRC. Se*tion &.- o! te SRC ($$o"s ( 4ener($ 4r(nt o! (d3#di*(tive po"ers to te SEC "i* 2(6 +e i2p$ied !ro2 or (re ne*ess(r6 or in*ident($ to te *(rr6in4 o#t o! its e7press po"ers to (*ieve te o+3e*tives (nd p#rposes o! te SRC. e 2#st +e(r in 2ind in interpretin4 te po"ers (nd !#n*tions o! te SEC t(t te $(" (s 2(de te SEC pri2(ri$6 ( re4#$(tor6 +od6 "it te in*ident($ po"er to *ond#*t (d2inistr(tive e(rin4s (nd 2('e de*isions. A re4#$(tor6 +od6 $i'e te SEC 2(6 *ond#*t e(rin4s in te e7er*ise o! its re4#$(tor6 po"ers, (nd i! te *(se invo$ves vio$(tions or *on!$i*ts in *onne*tion "it te per!or2(n*e o! its re4#$(tor6 !#n*tions, it "i$$ (ve te d#t6 (nd (#torit6 to reso$ve te disp#te !or te +est interests o! te p#+$i*.0 For s#re, te SEC (s te (#torit6 to pro2#$4(te r#$es (nd re4#$(tions, s#+3e*t to te $i2it(tion t(t te s(2e (re *onsistent "it te de*$(red po$i*6 o! te Code. A2on4 te2 is te prote*tion o! te investors (nd te 2ini2iB(tion, i! not tot($ e$i2in(tion, o! !r(#d#$ent (nd 2(nip#$(tive devises. T#s, S#+se*tion &.-849 o! te $(" provides Prep(re, (pprove, (2end or repe($ r#$es, re4#$(tions (nd orders, (nd iss#e opinions (nd provide 4#id(n*e on (nd s#pervise *o2p$i(n*e "it s#* r#$es, re4#$(tions (nd orders.

Te po"er *on!erred #pon te SEC to pro2#$4(te r#$es (nd re4#$(tions is ( $e4is$(tive re*o4nition o! te *o2p$e7it6 (nd te *onst(nt$6/!$#*t#(tin4 n(t#re o! te 2(r'et (nd te i2possi+i$it6 o! !oreseein4 ($$ te possi+$e *ontin4en*ies t(t *(nnot +e (ddressed in (dv(n*e. As en#n*i(ted in i*tori(s Mi$$in4 Co., In*. v. So*i($ Se*#rit6 Co22ission <  R#$es (nd re4#$(tions "en pro2#$4(ted in p#rs#(n*e o! te pro*ed#re or (#torit6 *on!erred #pon te (d2inistr(tive (4en*6 +6 $(", p(rt('e o! te n(t#re o! ( st(t#te, (nd *o2p$i(n*e tere"it 2(6 +e en!or*ed +6 ( pen($ s(n*tion provided in te $(". Tis is so +e*(#se st(t#tes (re #s#($$6 *o#*ed in 4ener($ ter2s, (!ter e7pressin4 te po$i*6, p#rposes, o+3e*tives, re2edies (nd s(n*tions intended +6 te $e4is$(t#re. Te det(i$s (nd te 2(nner o! *(rr6in4 o#t te $(" (re o!ten ti2es $e!t to te (d2inistr(tive (4en*6 entr#sted "it its en!or*e2ent. In tis sense, it (s +een s(id t(t r#$es (nd re4#$(tions (re te prod#*t o! ( de$e4(ted po"er to *re(te ne" or  (ddition($ $e4($ provisions t(t (ve te e!!e*t o! $(". Moreover, petitioner is +(rred !ro2 :#estionin4 te 3#risdi*tion o! te SEC. It 2#st +e pointed o#t t(t petitioner (d p(rti*ip(ted in ($$ te pro*eedin4s +e!ore te SEC (nd (d pr(6ed !or  (!!ir2(tive re$ie!. In !(*t, petitioner de!ended te 3#risdi*tion o! te SEC in its Co22ent d(ted -& Septe2+er )%, !i$ed "it te SEC "erein it (sserted Tis Honor(+$e Co22ission is ( i4$6 spe*i($iBed +od6 *re(ted !or te p#rpose o! (d2inisterin4, overseein4, (nd 2(n(4in4 te *orpor(te ind#str6, s(re invest2ent (nd se*#rities 2(r'et in te Pi$ippines. ;6 te ver6 n(t#re o! its !#n*tions, it dedi*(ted to te st#d6 (nd (d2inistr(tion o! te *orpor(te (nd se*#rities $("s (nd (s ne*ess(ri$6 deve$oped (n e7pertise on te s#+3e*t. ;(sed on s(id !#n*tions, te Honor(+$e Co22ission is ne*ess(ri$6 t(s'ed to iss#e r#$in4s "it respe*t to 2(tters invo$vin4 *orpor(te 2(tters (nd s(re (*:#isitions. eri$6 "en tis Honor(+$e Co22ission rendered te R#$in4 t(t  J te (*:#isition o! Ce2*o Ho$din4s o! te 2(3orit6 s(res o! Union Ce2ent Ho$din4s, In*., ( s#+st(nti($ sto*'o$der o! ( $isted *o2p(n6, Union Ce2ent Corpor(tion, is not *overed +6 te 2(nd(tor6 tender o!!er re:#ire2ent o! te SRC R#$e - treso$d (*:#isition o! s(res #nder te !ore4oin4 provision "(s in*re(sed to tirt6/!ive per*ent 85&>9. It is !#rter provided terein t(t 2(nd(tor6 tender o!!er is sti$$ (pp$i*(+$e even i! te (*:#isition is $ess t(n 5&> "en te p#r*(se "o#$d res#$t in o"nersip o! over &-> o! te tot($ o#tst(ndin4 e:#it6 se*#rities o! te p#+$i* *o2p(n6.-1 Te SEC (nd te Co#rt o! Appe($s r#$ed t(t te indire*t (*:#isition +6 petitioner o! 5> o! UCC s(res tro#4 te (*:#isition o! te non/$isted UCHC s(res is *overed +6 te 2(nd(tor6 tender  o!!er r#$e. Tis interpret(tion 4iven +6 te SEC (nd te Co#rt o! Appe($s 2#st +e s#st(ined. Te r#$e in tis 3#risdi*tion is t(t te *onstr#*tion 4iven to ( st(t#te +6 (n (d2inistr(tive (4en*6 *(r4ed "it te interpret(tion (nd (pp$i*(tion o! t(t st(t#te is entit$ed to 4re(t "ei4t +6 te *o#rts, #n$ess s#* *onstr#*tion is *$e(r$6 so"n to +e in s(rp *ontr(st "it te 4overnin4 $(" or  st(t#te.-0 Te r(tion($e !or tis r#$e re$(tes not on$6 to te e2er4en*e o! te 2#$ti!(rio#s needs o!  ( 2odern or 2oderniBin4 so*iet6 (nd te est(+$is2ent o! diverse (d2inistr(tive (4en*ies !or  (ddressin4 (nd s(tis!6in4 tose needsK it ($so re$(tes to (**#2#$(tion o! e7perien*e (nd 4ro"t

o! spe*i($iBed *(p(+i$ities +6 te (d2inistr(tive (4en*6 *(r4ed "it i2p$e2entin4 ( p(rti*#$(r  st(t#te.-< Te SEC (nd te Co#rt o! Appe($s (**#r(te$6 pointed o#t t(t te *over(4e o! te 2(nd(tor6 tender o!!er r#$e *overs not on$6 dire*t (*:#isition +#t ($so indire*t (*:#isition or (n6 t6pe o!  (*:#isition. Tis is *$e(r !ro2 te dis*#ssions o! te ;i*(2er($ Con!eren*e Co22ittee on te Se*#rities A*t o! ), on -1 @#$6 ). SEN. S. OSMEA. Eto (n4 2(n46(6(ri di6(n, e. So2e+od6 *ontro$s 1> o! te Co2p(n6. O!  *o#rse, e "i$$ p(6 ( pre2i#2 !or te !irst 1>. Contro$ 6(n, e. E, '("("( 6#n4 24( 2(ii"(n, (n4 55> +e*(#se te v($#e o! te sto*' 2(r'et *o#$d 4o do"n, *o#$d 4o do"n (!ter t(t, +e*(#se tere "i$$ 8p. %-9 +e no 2ore 2(r'et. ($( n(n4 4#ston4 +#2ent(. ($( n(n4J I 2e(n 2(r(2in4 4#ston4 +#2ent(, "($(n4 4#ston4 +#2i$i '#n4 indi 6#n4 2(3orit6 o"ner. And te6 "i$$ not +#6. Te6 ($re(d6 (ve 1>. Te6 ($re(d6 (ve *ontro$. And tis prote*ts te 2inorit6. And "e (ve (d ( *(se in Ce+# "erein A6($( A "o ($re(d6 o"ned %> o! A6($( ; 2(de (n o!!er  !or (noter %> o! A6($( ; "ito#t o!!erin4 te )>. ("("( n(2(n 6#n4 n('(("(' n4(6on n4 )>. An4 +(+( n4 s(re s( 2(r'et. ;#t "e did not (ve ( $(" prote*tin4 te2 (t t(t ti2e. CHAIRMAN ROCO. So "(t is it t(t 6o# "(nt to (*ieve SEN. S. OSMEA. T(t i! ( *ert(in 4ro#p (*ieves ( *ert(in (2o#nt o! o"nersip in ( *orpor(tion, 6e(, e is o+$i4(ted to +#6 (n6+od6 "o "(nts to se$$. CHAIRMAN ROCO. Pro/r(t( $(n4. 8p. %)9. 7777 REP. TEODORO. As $on4 (s it re(*es 5, (6(n n(. An6 t6pe o! (*:#isition 3#st (s $on4 (s it "i$$ res#$t in 5J 8p.&9J re(*es 5, (6(n n(. An6 t6pe o! (*:#isition 3#st (s $on4 (s it "i$$ res#$t in 5, 4ener($ tender, pro/r(t(.)8E2p(sis s#pp$ied.9 Petitioner *o#nters t(t te $e4is$(tor?s re!eren*e to (n6 t6pe o! (*:#isition d#rin4 te de$i+er(tions on te Se*#rities Re4#$(tion Code does not indi*(te t(t *on4ress 2e(nt to in*$#de te indire*t (*:#isition o! s(res o! ( p#+$i* *orpor(tion to +e *overed +6 te tender o!!er r#$e. Petitioner ($so (vers t(t it did not dire*t$6 (*:#ire te s(res in UCC (nd te in*ident($ +ene!it o!  (vin4 (*:#ired te *ontro$ o! te s(id p#+$i* *o2p(n6 2#st not +e t('en (4(inst it. Tese (r4#2ents (re not *onvin*in4. Te $e4is$(tive intent o! Se*tion -< o! te Code is to re4#$(te (*tivities re$(tin4 to (*:#isition o! *ontro$ o! te $isted *o2p(n6 (nd !or te p#rpose o!  prote*tin4 te 2inorit6 sto*'o$ders o! ( $isted *orpor(tion. (tever 2(6 +e te 2etod +6 "i* *ontro$ o! ( p#+$i* *o2p(n6 is o+t(ined, eiter tro#4 te dire*t p#r*(se o! its sto*'s or  tro#4 (n indire*t 2e(ns, 2(nd(tor6 tender o!!er (pp$ies. As (ppropri(te$6 e$d +6 te Co#rt o!   Appe($s Te petitioner posits t(t "(t it (*:#ired "ere sto*'s o! UCHC (nd not UCC. ;6 (ppenst(n*e, (s ( res#$t o! te tr(ns(*tion, it +e*(2e (n indire*t o"ner o! UCC. e (re *onstr(ined, o"ever, to *onstr#e o"nersip (*:#isition to 2e(n +ot dire*t (nd indire*t. (t is de*isive is te

deter2in(tion o! te po"er o! *ontro$. Te $e4is$(tive intent +eind te tender o!!er r#$e 2('es *$e(r t(t te t6pe o! (*tivit6 intended to +e re4#$(ted is te (*:#isition o! *ontro$ o! te $isted *o2p(n6 tro#4 te p#r*(se o! s(res. Contro$ 2(6 +e e!!e*ted tro#4 ( dire*t (nd indire*t (*:#isition o! sto*', (nd "en tis t('es p$(*e, irrespe*tive o! te 2e(ns, ( tender o!!er 2#st o**#r. Te +otto2$ine o! te $(" is to 4ive te s(reo$der o! te $isted *o2p(n6 te opport#nit6 to de*ide "eter or not to se$$ in *onne*tion "it ( tr(ns!er o! *ontro$. 7 7 7. )-

It is (pp(rent t(t priv(te respondent 2is*on*eived te i2port o! te r#$in4. Te de*ision in Co$#2+i( Pi*t#res does not 2e(n t(t i! ( ne" r#$e is $(id do"n in ( *(se, it so#$d not +e (pp$ied in t(t *(se +#t t(t s(id r#$e so#$d (pp$6 prospe*tive$6 to *(ses (risin4 (!ter"(rds. Priv(te respondent?s vie" o! te prin*ip$e o! prospe*tive (pp$i*(tion o! ne" 3#di*i($ do*trines "o#$d t#rn te 3#di*i($ !#n*tion into ( 2ere (*(de2i* e7er*ise "it te res#$t t(t te do*trine $(id do"n "o#$d +e no 2ore t(n ( di*t#2 (nd "o#$d deprive te o$din4 in te *(se o! (n6 !or*e.

 As to te tird iss#e, petitioner stresses t(t te r#$in4 on 2(nd(tor6 tender o!!er r#$e +6 te SEC (nd te Co#rt o! Appe($s so#$d not (ve retro(*tive e!!e*t or +e 2(de to (pp$6 to its p#r*(se o!  te UCHC s(res (s it re$ied in 4ood !(it on te $etter d(ted )1 @#$6 )% o! te SEC "i* opined t(t te proposed (*:#isition o! te UCHC s(res "(s not *overed +6 te 2(nd(tor6 o!!er  r#$e.

Indeed, "en te Co#rt !or2#$(ted te enpi$ do*trine, "i* "e reversed in tis *(se, te Co#rt did not de!er (pp$i*(tion o! te r#$e $(id do"n i2posin4 ( !ine on te e2p$o6er !or !(i$#re to 4ive noti*e in ( *(se o! dis2iss($ !or *(#se. To te *ontr(r6, te ne" r#$e "(s (pp$ied ri4t ten (nd tere. 7 7 7.

Te (r4#2ent is not pers#(sive. Te (*tion o! te SEC on te PSE re:#est !or opinion on te Ce2*o tr(ns(*tion *(nnot +e *onstr#ed (s p(ssin4 2erits or 4ivin4 (pprov($ to te :#estioned tr(ns(*tion. As (pt$6 pointed o#t +6 te respondent, te $etter d(ted )1 @#$6 )% o! te SEC "(s notin4 +#t (n (pprov($ o! te dr(!t $etter prep(red +6 Dire*tor C($$(n4(. Tere "(s no p#+$i* e(rin4 "ere interested p(rties *o#$d (ve +een e(rd. Hen*e, it "(s not iss#ed #pon ( de!inite (nd *on*rete *ontrovers6 (!!e*tin4 te $e4($ re$(tions o! p(rties tere+6 2('in4 it ( 3#d42ent *on*$#sive on ($$ te p(rties. S(id $etter "(s 2ere$6 (dvisor6. @#rispr#den*e (s it t(t (n (dvisor6 opinion o! (n (4en*6 2(6 +e stri*'en do"n i! it devi(tes !ro2 te provision o! te st(t#te. )) Sin*e te $etter d(ted )1 @#$6 )% r#ns *o#nter to te Se*#rities Re4#$(tion Code, te s(2e 2(6 +e disre4(rded (s "(t te SEC (s done in its de*ision d(ted -% Fe+r#(r6 )&.  Ass#2in4 (r4#endo t(t te $etter d(ted )1 @#$6 )% *onstit#tes ( r#$in4, te s(2e *(nnot +e #ti$iBed to deter2ine te ri4ts o! te p(rties. (t is to +e (pp$ied in te present *(se is te s#+se:#ent r#$in4 o! te SEC d(ted -% Fe+r#(r6 )& (+(ndonin4 te opinion e2+odied in te $etter d(ted )1 @#$6 )%. In Serr(no v. N(tion($ L(+or Re$(tions Co22ission, )5 (n (r4#2ent "(s r(ised si2i$(r to te *(se #nder *onsider(tion. Priv(te respondent terein (r4#ed t(t te ne" do*trine prono#n*ed +6 te Co#rt so#$d on$6 +e (pp$ied prospe*tive$6. S(id post#$(tion "(s i4nored +6 te Co#rt "en it r #$ed i$e ( 3#di*i($ interpret(tion +e*o2es ( p(rt o! te $(" (s o! te d(te t(t $(" "(s ori4in($$6 p(ssed, tis is s#+3e*t to te :#($i!i*(tion t(t "en ( do*trine o! tis Co#rt is overr#$ed (nd ( di!!erent vie" is (dopted, (nd 2ore so "en tere is ( revers($ tereo!, te ne" do*trine so#$d +e (pp$ied prospe*tive$6 (nd so#$d not (pp$6 to p(rties "o re$ied on te o$d do*trine (nd (*ted in 4ood !(it. To o$d oter"ise "o#$d +e to deprive te $(" o! its :#($it6 o! !(irness (nd 3#sti*e ten, i! tere is no re*o4nition o! "(t (d tr(nspired prior to s#* (d3#di*(tion.

L(st$6, petitioner ($$e4es t(t te de*ision o! te SEC d(ted -% Fe+r#(r6 )& is in*o2p$ete (nd prod#*es no e!!e*t. Tis *ontention is +(se$ess. Te de*ret($ portion o! te SEC de*ision st(tes In vie" o! te !ore4oin4, te $etter o! te Co22ission, si4ned +6 Dire*tor @#stin( F. C($$(n4(n, d(ted @#$6 )1, )%, (ddressed to te Pi$ippine Sto*' E7*(n4e is ere+6 REERSED (nd SET  ASIDE. Respondent Ce2*o is ere+6 dire*ted to 2('e ( tender o!!er !or UCC s(res to *o2p$(in(nt (nd oter o$ders o! UCC s(res si2i$(r to te *$(ss e$d +6 respondent UCHC, (t te i4est pri*e it p(id !or te +ene!i*i($ o"nersip in respondent UCC, stri*t$6 in (**ord(n*e "it SRC R#$e -