First Philippine Holdings Corp. is issuing a tender offer to as much as 45.56 percent of mother company Lopez Holdings Corp.’s, authorized shares of stocks in a planned delisting of the latter in the Philippine Stock Exchange.
Lopez Holdings, formerly Benpres Holdings Corp., listed on Nov.r 25, 1993 has a total outstanding shares of 4.54 billion shares of which 43.32 percent are publicly-owned, data from the PSE shows.
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.
“It is always a good sign when you see an offer for your shares with a significant premium over the market price. We will be happy for the shareholders who decide to avail of this opportunity to liquidate their investment. If FPH’s tender offer is successful, Lopez Holdings will be delisted as part of the Lopez Group’s effort to consolidate the ownership of Lopez Holdings and to streamline the Lopez Group’s corporate structure by reducing the number of Group holding companies currently listed on the Philippine Stock Exchange from two to just one.” said Salvador G. Tirona, Lopez Holdings president.
Lopez Holdings was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors. Its major investees are publicly listed ABS-CBN Corp. and First Philippine Holdings. – R. Castro