MANILA :Japan's Mitsui, Hong Kong's First Pacific and their partners on Tuesday lifted an offer to buy out minority shareholders in Philippine infrastructure firm Metro Pacific to as much as 54.8 billion pesos ($990.7 million).In separate disclosures, the buyers offered 5.20 pesos per share, up 12 per cent fr
MANILA :Japan's Mitsui, Hong Kong's First Pacific and their partners on Tuesday lifted an offer to buy out minority shareholders in Philippine infrastructure firm Metro Pacific to as much as 54.8 billion pesos .
The latest offer price represents a 22 per cent premium to Metro Pacific's last close on April 26, before the offer was first disclosed, and is 37 per cent higher versus a one-year weighted average price. "It signals an earnest desire by the offerors to listen to the market's clamour for a fair price," Juan Paolo Colet, managing director of investment bank China Bank Capital in Manila said of the increased price.
The deal further hinges on stockholders approving in August the delisting of Metro Pacific's common shares from the Philippine bourse.
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