Philippines' Metro Pacific set to de-list in October (updated)

First Pacific

21/09/2023 14:26

(Updates with details and background in paragraphs 2-5)
       Sept 21 (Reuters) - Philippines' Metro Pacific
Investments  MPI.PS  is set to be de-listed from the local
bourse next month after at least 5.46 billion of its common
shares were tendered as of Sept. 19, final results of a tender
offer showed on Thursday. 
    The infrastructure firm said the tendered shares reflect
around 19.04% of its total issued and outstanding listed shares.
    Hong Kong-listed First Pacific  0142.HK , Philippines' GT
Capital Holdings  GTCAP.PS  and a consortium led by Japan's
Mitsui & Co  8031.T  had in April announced a tender offer to
buy shares of Metro Pacific in an effort to take it private.
    The group of bidders in July raised the offer for Metro
Pacific after their previous offer resulted in backlash over
what minority shareholders deemed a low valuation for the firm
with interests in power, water, hospitals and toll roads.
    The latest offer price of 5.20 pesos apiece represented a
22% premium to Metro Pacific's close on April 26, before the
offer was first disclosed.

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Krishna Chandra Eluri and Shilpi Majumdar)
 ((Rishav.Chatterjee@thomsonreuters.com;))