Bilyonaryo - Business

Five years after IPO: RSA to delist Eagle Cement after it gets swallowed by San Miguel in P97B takeover

October 7, 2022

Bilyonaryo.com

Eagle Cement of ultra bilyonaryo Ramon S. Ang will depart from the Philippine Stock Exchange after consummating its takeover deal with San Miguel Corp.

In a special board meeting, the EAGLE board chaired by Ang (who is also vice chairman, president and CEO of SMC) agreed to apply for a voluntary delisting of its shares in the PSE after obtaining shareholder approval for the mammoth transaction with SMC.

SMC disclosed on October 4 its plan to acquire, through San Miguel Equity Investments Inc. (SMEI), 88.5 percent of EAGLE at P22.02 per share (43 percent more than its October 4 closing of P15.40) or a total consideration of P97 billion.

EAGLE said it would fully support SMEI’s tender offer to purchase the remaining shares of the cement firm. As of end-September 2022, EAGLE had a public float of 11.5 percent.

Ang raised P8.6 billion from the initial public offering of EAGLE in May 2017 at an offer price of P15.

EAGLE, which operates a plant in Bulacan, is expected to be consolidated with SMC’s cement operations – Northern Cement in Luzon and Southern Concrete Industries in Davao del Sur.

Everybody happy! Eagle Cement soars 20% as RSA rewards minority shareholders with lofty buyout from San Miguel

Related News Tags: Eagle Cement, Philippine Stock Exchange, Ramon S. Ang, San Miguel Corp

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