Based on the amended tender report filed with the Securities and Exchange Commission, First Philippine Holdings Corp. trimmed the number of Lopez Holdings shares it was acquiring from 2.069 billion to 1.567 billion, equivalent to 34.5% of the power, media and proper conglomerate.
FPH said the reduction would “remove the risk of the company falling below the required minimum public ownership and dispense with the need for Lopez Holdings to pursue its petition for voluntary delisting from the main board of the Philippine Stock Exchnage.
“We wanted to remove the seeming pressure that some shareholders of LPZ may have felt from the plan to delist the company. We want the market to freely decide if they want to avail of the tender. It bears stressing that the tender offer price is at a significant premium to the market price right before the tender was announced and is even at the higher range of the valuation provided by the independent financial adviser, KPMG, as accredited by the Exchange,” FPHC president and COO Francis Giles Puno said
FPHC will acquire the shares at a price of P3.85 each share.
The tender offer excludes the shares owned by parent firm Lopez Inc., which agreed not to tender its common shares under such terms and conditions as FPHC may determine.