A consortium comprised of tycoons and Japanese industrial giant Mitsui will unveil a P55-billion buyout offer to minority stockholders of Metro Pacific Investments Corp. on August 9. The group’s objective is to delist the infrastructure giant from the Philippine Stock Exchange by early October this year.
During a special stockholders’ meeting on Tuesday, shareholders of Metro Pacific, which owns Manila Electric Co., water utilities, hospitals, and toll roads, approved the privatization plan.
The bidding consortium is made up of Indonesian billionaire Anthoni Salim’s First Pacific Group, the Ty family conglomerate GT Capital Holdings, Mitsui, and a private company owned by Manuel V. Pangilinan, chair and CEO of Metro Pacific.
The offer, priced at P5.20 per share, will begin on August 9 and run through September 7. The delisting is expected to take place on October 9, 2023.
This tender offer represents a 37% increase from the company’s average price over the past year, and an additional 12% increase from the initial price set in April due to opposition from large funds and minority shareholders.
Christopher H. Young, executive director at First Pacific, expressed confidence in the success of the proposed privatization, citing “favorable feedback from the market, with institutional investors and stock brokerages stating that it is fair and acceptable.”
Gabryle D. Aguila, head of equity research at stock brokerage house Unicapital Securities, recommended that shareholders participate in the tender offer and consider shifting their investments to other “high quality” conglomerates such as Ayala Corp., GT Capital, and SM Investments.
Metro Pacific clarified that shareholders who sell their shares will still receive any interim dividend that may be declared by the company when it announces its second-quarter financial results on August 14.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
