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MANILA – Lopez Holdings said Tuesday that its board of directors authorized the company’s opt-out 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 shareholders who decide to take advantage of this opportunity to liquidate their investment, ”said Salvador Tirona, President, Chief Operating Officer and CFO of Lopez Holdings.
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 public offering price of 3.85 pesos per share.
The price of the public offering represents a 25 percent premium over Lopez Holdings closing on Nov. 27, he said.
“The Lopez Holdings Board of Directors approved the hiring of an independent financial advisor to provide an unbiased opinion on the price of the FPH takeover bid,” he added.
Lopez Holdings joined the PSE on November 25, 1993.
FROM OUR FILE:
Lopez Holdings celebrated its 25th anniversary of listing on the Philippine Stock Exchange on November 26, 2018 with senior officials ringing the opening bell to kick off the trading week.
news.abs-cbn.com is the news website of ABS-CBN Corp, which is part of the Lopez Group of companies.
Lopez Holdings, LPZ, First Philippine Holdings, public offering, opt-out, PSE, Philippine Stock Exchange, ANC
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