First Philippine Holdings Corp said on Monday it had rejected a KKR proposal to acquire an 8.43% stake in First Gen Corp, saying it did not represent the power generation unit’s true value.
The stake buy would have likely triggered a mandatory tender offer from the global investment firm to acquire First Gen’s public float at 35 pesos per share, valuing the takeover at around 165.44 billion pesos ($2.69 billion).
The tender offer was also set to support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.
Energy and construction conglomerate First Philippine holds a stake of 67.84% in First Gen, according to LSEG data.
First Gen was valued at 110.63 billion pesos, as of Friday’s close.
Reuters
