Independent directors of Energy Development Corp. on Wednesday see the P7.25 tender offer of Philippines Renewable Energy Holding Corp. on the geothermal firm’s shares as fair.
Francisco Ed Lim, Edgar Chua and Manuel Ayala issued a statement to the shareholders of EDC after carefully considering the information available to the board, saying “we are of the view that the tender offer price of PREHC is fair.”
EDC received a notice from PREHC on August 3 that it filed a tender offer report with the Securities and Exchange Commission indicating that it will launch a voluntary tender offer to acquire a minimum of 6.6 billion shares to a maximum of 8.9 billion shares, representing approximately up to 31.7 percent of the total outstanding voting shares of EDC at P7.25 per share.
First Gen Corp. announced last month its wholly-owned subsidiaries signed an implementation agreement with PREHC for a voluntary tender offer of the common shares of EDC.