MANILA - Lopez Holdings on Tuesday said its board has authorized the voluntary delisting of the company from the Philippine Stock Exchange as part of efforts to consolidate ownership and streamline the Group's corporate structure.
“It is always a good sign when you see an offer for your shares with a significant premium over the market price. We will be happy for the shareholders who decide to avail of this opportunity to liquidate their investment,” said Salvador Tirona, Lopez Holdings President, Chief Operating Officer and Chief Finance Officer.
First Philippine Holdings Corp will acquire between 20 and 45.56 percent of the total issued and outstanding common shares of Lopez Holdings, excluding those owned by the parent at a tender offer price of P3.85 per share.
The tender offer price represents a 25 percent premium over Lopez Holdings' closing on Nov. 27, it said.
"The Board of Directors of Lopez Holdings has approved the engagement of an independent financial advisor to provide a fairness opinion on FPH’s Tender Offer Price," it added.
Lopez Holdings joined the PSE on Nov 25, 1993.
FROM OUR ARCHIVE:
Lopez Holdings marked its 25th listing anniversary at the Philippine Stock Exchange on Nov 26, 2018 with top officials ringing the opening bell to kick off the trading week.
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