Money

Son of 8990 Holdings founder leads pack in taking over BDO Leasing

A group led by Luis N. Yu Jr. and Vittorio Lim is acquiring 88.5% of BDO Leasing and Finance Inc. (BLFI) for P5.45 billion.

A group led by Luis N. Yu Jr. and Vittorio Lim is acquiring 88.5% of BDO Leasing and Finance Inc. (BLFI) for P5.45 billion.

In a disclosure to the stock exchange, BDO Unibank Inc. said it agreed to sell its entire holdings comprising 1.914 billion shares in BLFI. The consideration represents a premium of P400 million.

Yu, son of 8990 Holdings key shareholder and founder Luis Yu, and Lim are acquiring 33% each while Victor Lim is buying 4%. Third party buyers, on the other hand, are taking 18.5%.

The transaction is subject to regulatory approvals and mandatory tender offer by the buyers.

BDO said the actual price per share shall be finalized prior to the launch of the tender offer and upon determination of the net asset value as of closing date of the transaction.

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