MANILA, Philippines - Alaska Milk Corp. on Monday filed a petition for voluntary delisting from the Philippine Stock Exchange.
This comes as the Dutch dairy giant Royal Friesland Campina formally filed a tender offer notice to acquire the remaining minority stake in Alaska.
In a disclosure, Alaska said the tender offer period will run from September 5 until October 2.
The shares will be purchased by FC Philippines by way of a block sale, and will be crossed on Philippine Stock Exchange by October 16.
After completing the tender offer, FC Philippines is hoping Alaska Milk will be delisted from PSE's official registry by November 5.
"On the basis of the foregoing, we hereby request for PSE's approval of our petition, November 5, 2012, as the effectivity date of the delisting of the AMC shares," Alaska said.
FC Philippines want to buy the remaining 14.94 million common shares of Alaska. These will be acquired at P24 per share, for a total of worth P358 million.
Last March, the Uytengsu family sold 535.7 million shares to Campina, representing 60.8% of Alaska's outstanding shares, at P24 per share. The deal was valued at P12.86 billion.