The media and power arm of the Lopez family has announced that it is seeking a voluntary delisting from the main board of the Philippine Stock Exchange as part of the group’s effort to consolidate its ownership.
First Philippine Holdings Corp. will make a tender offer to acquire up to 45.56% of the total issued and outstanding common shares of Lopez Holdings held by minority investors at a price of P3.85 each share.
The offer price represents a 25% premium over Lopez Holdings’ closing share price of P3.08 on Nov. 27.
“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, LPZ 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 PSE,” said Salvador G. Tirona, Lopez Holdings president, COO and CFO.
The tender offer will run from January 22 to February 19, 2021, subject to extension as circumstances may warrant.
Lopez Holdings was listed on November 25, 1993.