Metro Pacific Investments Corp. said Tuesday the consortium of companies that offers to take the company private increased the tender offer price by 12 percent to P5.20 a share from P4.63.
MPIC said in a disclosure to the Philippine Stock Exchange the new tender offer price represents a 37-percent premium over the one-year volume weighted average price and a P0.10 premium over the highest end of the range provided in the independent financial adviser.
MPIC will call a special stockholders meeting on Aug. 8 to seek shareholders approval on the planned voluntary delisting ffrom the Philippine Stock Exchange.
A consortium consisting of Metro Pacific Holdings Inc., GT Capital Holdings Inc., Mit-Pacific Infrastructure Holdings Inc. and MIG Holdings Inc. offered in April 2023 to buy out the shares held by minority investors in MPIC.
“We regard this new offer as the best and final price the bidders are able to deliver to MPIC’s minority shareholders,” said First Pacific executive director Christopher Young said.