DoubleDragon’s tender offer gives MM shareholders an exit. For many, it also turns a paper loss into something harder to ignore. When MerryMart Consumer Corp. listed in June 2020, the pitch was simple, timely, and seductive: a home-grown grocery chain, backed by Edgar “Injap” Sia II’s reputation for scaling Mang Inasal, would ride the pandemic-era appetite for essential retail and roll out a national network of stores. The company sold 1.594bn primary shares at ₱1.00 apiece , raising about ₱1.6bn in gross proceeds , with the proceeds earmarked for store expansion, distribution centers, and working capital. There were no selling shareholders in the IPO; this was a growth-capital story, not an exit. Six years later, that story has been repriced. DoubleDragon Corporation has launched a tender offer for MerryMart shares at ₱0.48 per share , following its planned acquisition of 2.658bn MM shares , or 35% of MerryMart, from Injap Investments Inc. The tender offer covers up to 4.937bn s...