By Cecilia Yap
The venture has challenged a $6.7 billion bid from a group that includes billionaires John Gokongwei and Lucio Tan.
SM acquired the prime seafront property from UK-based investment fund Ashmore.
Now Corp and Philippine Telegraph and Telephone Corp, have publicly said they are planning to bid.
The Philippine Competition Commission (PCC) approves SMC’s acquisition of the 630-megawatt Masinloc coal power plant in Zambales.
The company has already raised over $460,000 previously from 500 Startups, JFDI, and Manila Angel Investors Network.
Ayala’s arm AC Industrials will hold a 78.2% stake in Merlin upon completion of the transaction.
The proceeds will be used to further enhance the Mober app, in addition to expanding its business and adding more van partners.
The deal marks a foray into Thailand for Manila Water, a subsidiary of the Philippines’ oldest conglomerate Ayala Corporation.
Rocket Internet-backed online car classifieds startup Carmudi has recently raised $10 million in funding, led by Tengelmann Ventures.
A $1.5 billion offering would be the largest ever equity deal in the Philippines.