Purefoods to make tender for GSM shares only if required by SEC
San Miguel Pure Foods Inc. is willing to make a tender offer for shares held by minority investors of Ginebra San Miguel Inc. if it will be required to do so.
Conglomerate San Miguel Corp. Is consolidating all its food and beverage businesses under Pure Foods which will be renamed San Miguel Food and Beverage Inc. This will be done through a P336 billion share swap deal.
Apart from GSM, San Miguel Brewery Inc. will also be folded into the merged corporation.
SMC will subscribe to 4.24 billion additional common shares of Purefoods out of new shares coming from an increase in authorized capital stock.
Shareholders of Purefoods approved the share swap transaction and the planned follow-on offering of shares to comply with the Philippine Stock Exchange’s minimum public float requirement of 15 percent.