First Philippine Holdings Corp.(First Holdings) intends to conduct its tender offer on the publicly-owned shares of mother company Lopez Holdin
The tender offer will run between January 22 and February 19.
The transaction will be crossed at the Philippine Stock Exchange platform by eight business days after the close of the tender offer, or not later than March 4, 2021, settled on the 10th day after the close or not later than March 8, 2021, “subject to any extension of the tender offer period with the approval of the Securities and Exchange Commission.”
First Holdings said its tender offer is dependent on regulatory approval including a Philippine Competition Commission (PCC) decision the tender offer constitutes an internal restructuring, and is thus exempt from PCC notification and clearance, or that should it requires compulsory notification, the PCC have rendered a decision that the tender offer will not result in substantial lessening of competition, and shall not impose any conditions on the company, its parent firm Lopez Inc. or any of its subsidiaries, affiliates, respective directors or employees.
First Holdings last week said it is issuing a tender offer to as much as 45.56 percent of mother company Lopez Holdings’, authorized shares.
Lopez Holdings, formerly Benpres Holdings Corp., listed on Nov. 25, 1993 has a total outstanding shares of 4.54 billion shares of which 43.32 percent are publicly-owned.
First Holdings is issuing a tender to all shareholders except that which is held by both companies’ ultimate mother firm Lopez Inc. which has agreed not to tender its common shares.
First Holdings is offering to buy the shares at P3.85 per share, a 25 percent premium over Lopez Holdings’ P3.08 closing on Nov. 27, 2020, and a 41 percent, 43 percent and 36 percent premium over its three-month, six-month and one-year volume weighted average price of P2.74, P2.69 and P2.82, respectively.
Lopez Holdings said its board of directors has authorized the filing of a petition for voluntary delisting with the PSE.