First Gen, SG firm near deal

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First Gen Corp. said Singaporean company, Valorous Asia Holdings Pte. Ltd. will not extend and modify its tender offer to purchase shares of the listed power generation firm.
Valorous offered to buy up to 9 percent for a total of P7.29 billion.

A tender offer was made for the sale of a minimum for 324 million issued and outstanding common shares of the company at a price of P22.50 per share which is equivalent to a 26.83 percent premium compared to the P17.74 closing price of First Gen’s common shares before the tender offer was publicized.

Valorous’ offer that is scheduled to close at noon of June 24, 2020 is a 35.05 percent premium over the three-month volume weighted average price of First Gen’s common shares and 19.23 percent premium for a six-month average.

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