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Dacon Corp., a company led by the Consunji family, plans to spend around P1.3 billion to acquire the remaining minority shares in Cemex Holdings Philippines Inc. .CHP shares closed at P1.83 Wednesday, up 41 percent from the P1.30 tender offer price. The increase may lessen the total amount Dacon needs to spend during the tender offer as small shareholders may want to sell their shares based on the current market price.
The Consunji Group earlier said they had no plans to delist CHP from the stock exchange following the acquisition. If minority shareholders choose not to participate in the tender offer, the public float of CHP will remain at 10 percent, which complies with the Philippine Stock Exchange’s minimum public ownership requirement.
DMCI Holdings executive vice president and chief finance officer Herbert Consunji announced that CHP would commence testing of its new production line in Antipolo City, Rizal.
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