To get the best prices, the Social Security System and Government Service Insurance System should submit to a Swiss challenge all unsolicited offers to purchase their marketable securities, the Trade Union Congress of the Philippines said in a press release.
“A Swiss challenge will allow the discovery of other potential investors who may be willing to acquire at higher prices the securities held by SSS or GSIS,” said TUCP president and former Sen. Ernesto Herrera said.
In a Swiss challenge, upon receiving an unsolicited bid, SSS and GSIS would publish the offer and openly invite third parties to match or exceed the original tender, the press release said.
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