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FPH buys 712 million Lopez Holdings shares

SOME 712.2 million common shares or 15.68% of Lopez Holdings Corp.’s total issued and outstanding common shares were tendered and bought by First Philippine Holdings Corp. (FPH) through a block sale at the exchange on March 18.

FPH has submitted to the Securities and Exchange Commission its fourth amended final tender offer report on its acquisition of common shares from parent company Lopez Holdings.

The transaction amounted to P2.74 billion. FPH purchased the shares at the tender offer price of P3.85 apiece.

FPH waived the tender offer minimum prerequisite of 908.46 million issued and outstanding common shares, which is 20% of the total issued and outstanding offer shares of Lopez Holdings.

“Originally, there were other prerequisites pertaining to the delisting of the common shares of [Lopez Holdings]. Since the voluntary delisting of the common shares will no longer be pursued, these prerequisites will no longer be imposed by [FPH],” FPH said.

Lopez Holdings backed out of its plan to voluntarily delist from the exchange in January after FPH amended its tender offer.

The delisting of Lopez Holdings was dependent on the number of shares FPH will acquire.

Lopez Holdings planned to voluntarily delist if FPH acquired 45.56% of its total issued and outstanding shares. There was also a possibility of Lopez Holdings involuntary delisting if it falls below the minimum public ownership requirement of 10%.

The Lopez family’s Lopez Holdings is the holding firm for investments in broadcasting and cable, telecommunications, power generation and distribution, and banking. FPH is the parent firm for energy investments.

FPH shares at the stock exchange declined by 2.54% on Monday to close at P69.05 from P70.85 apiece, while shares of Lopez Holdings inched down by 0.29% or P0.01 to end at P3.39. — Keren Concepcion G. Valmonte

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