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Manila Bulletin devider Business devider SMC mops up most of Eagle's public shares for P12.6 B

SMC mops up most of Eagle's public shares for P12.6 B

Published Dec 14, 2022 04:09 pm

Eagle Cement Corporation is getting ready for its voluntary delisting from the Philippine Stock Exchange as its public float dropped to less than one percent after San Miguel Corporation acquired P12.61 billion Eagle shares through a tender offer.

In a disclosure to the Philippine Stock Exchange, Eagle said SMC subsidiary San Miguel Equity Investments Inc. (SMEII or the Bidder) has completed the tender offer under which about 11.4556 percent of Eagle’s total issued and outstanding common shares were tendered and accepted by the bidder.

The mandatory tender offer for Eagle shares held by minority stockholders were undertaken by SMEII following its acquisition of 88.5 percent of Eagle from SMC President and CEO Ramon S. Ang at P22.02 per share or a total of P97.4 billion.

The accepted tender offer shares were crossed through the PSE on December 14, 2022, upon approval of the PSE of a special block sale of the Tendered Shares. The sale and purchase of the Tendered Shares at P22.02 per share were settled also on the cross date or on December 14, 2022.

SMC President and Eagle Cement Chairman Ramon S. Ang

With the completion of the tender offer, SMEII now owns a total of 4.998 billion common shares representing 99.9581 percent of the total issued and outstanding common shares of Eagle.

The completion of tender offer has resulted in Eagle's public float falling below the prescribed minimum at 0.0419 percent.

Subject to the approval of the PSE, SMEII intends to proceed to voluntarily delist Eagle Cement from the Main Board of the PSE after the completion of the Tender Offer.

The voluntary delisting is on the condition that SMEII is able to own more than 90 percent of the total outstanding shares of the capital stock of Eagle Cement after the tender offer and the approval of the shareholders of Eagle Cement.

Eagle Cement has requested the PSE to consider the Tender Offer as the tender offer required for a Voluntary Delisting. If approved, SMEII shall no longer conduct a second tender offer for purposes of the Company’s proposed petition for voluntary delisting.

Related Tags

Ramon S. Ang Eagle Cement Corporation San Miguel Corporation
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