Bilyonaryo - Business

San Miguel starts P12.7B tender offer for Eagle Cement shares

November 7, 2022

Bilyonaryo.com

Diversified conglomerate San Miguel Corp. Corp. has launched a buyout offer to minority shareholders of Eagle Cement Corp. after taking a controlling stake in the firm owned by the family of bilyonaryo Ramon S. Ang.

SMC, through a wholly owned subsidiary, has made a tender offer for the 11.5 percent stake held by Eagle Cement minority stockholders.

Eagle Cement said San Miguel Equity Investments was ready to acquire 574.88 million Eagle shares at P22.02 apiece after acquiring 88.5 percent of the company for P97.4 billion.

The tender offer price represents a 22.16 percent premium over the six-month volume weighted average price and a 20.99percent premium over the three-month VWAP of the company’s common shares.

A tender offer is a mandated exercise that gives minority shareholders the chance to exit at the same terms as those of
the buyout transactions.

The tender offer started on November 7 and will run until 12 noon of December 5.

Subject to the approval of the PSE, SMC will proceed to voluntarily delist Eagle Cement once it is able to secure more than 90 percent of the total outstanding shares of the cement firm.

Related News Tags: Eagle Cement, San Miguel, San Miguel Equity Investments

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