Philippines’ First Gen Corp on Thursday said a mandatory offer from KKR would value the power producer at around 165.44 billion pesos ($2.70 billion).
KKR offered to buy an 8.43% stake in the company from its parent First Philippine Holdings, First Gen disclosed on Wednesday.
This would likely trigger a mandatory tender offer from KKR for the entire public float of 11.67% of First Gen‘s 3.60 billion outstanding common shares, the power producer added. The tender offer would support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.
KKR is expected to offer around 46 pesos per share for the tender offer.
KKR and First Philippine, which holds a stake of 67.84% in First Gen, did not immediately respond to Reuters requests for comment.
First Gen‘s shares rose 6% to 29 pesos on Thursday, extending the previous session’s gains of 28.4% that took them to their highest since early March 2022.
First Philippine was up 4.3% on the day.
Reuters
