The group of United Auctioneers Inc. founder and chief executive Dominic Sytin has completed the acquisition of a 65.92-percent stake in LMG Chemicals Corp. for P405 million.
LMG said in a disclosure to the stock exchange Friday Sytin and Robinson Siao completed the acquisition of 127,583,458 common shares equivalent to 65.92 percent in the company owned by Chemical Industries of the Philippines Inc. of the Garcia family.
LMG Chemical said the minority investors snubbed the tender offer conducted by Sytin and Siao as no shares were tendered at the end of the offering period on Dec 11.
Sytin and Siao offered to acquire the remaining 65.96 million common shares held by minority investors at the purchase price of P3.17439 apiece.
United Auctioneers is a premier industrial auction company in the Philippines.