Holcim Philippines Inc. said Tuesday that its parent company, Holderfin B.V., has been directed by the Securities and Exchange Commission to hold a second tender for minority shareholders of the listed cement manufacturer that the Holland-based company plans to delist from the Philippine Stock Exchange.
Holderfin made a tender offer between July 10 and August 30. It offered to buy Holcim shares at P5.33 each, a 38 percent premium over the closing price of P3.87 on June 29.
The SEC wants Holderfin to offer the same terms to Holcim minority shareholders who failed to participate in the initial tender offer. Around 5 percent of Holcim shares are still held by minority stakeholders.
Holcim said the second tender offer will start on September 28.
After the first tender officer, the public float of Holcim dropped to 5.05 percent, way below the 20 percent minimum requirement of the stock exchange. Unless the public float requirement is met within a certain period, a company is forced to delist from the PSE.
SEC orders Holcim parent company to conduct 2nd tender offer
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