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MANILA, Philippines – Eagle Cement on Wednesday, December 21, submitted its petition for delisting from the Philippine Stock Exchange (PSE) after San Miguel Corporation (SMC) completed its buyout.
Eagle Cement asked the local bourse for the delisting of its common shares from the PSE’s main board on February 28, 2023.
Last October, SMC announced the P98-billion acquisition of 88.5% or 4.4 billion shares of Eagle Cement at P22.02 per share. The price is a 42.9% premium from the stock price then of P15.40.
Eagle Cement’s selling shareholders included tycoon Ramon Ang and his children, Eagle Cement president and chief executive officer John Paul Ang and chief finance officer Monica Ang-Mercado. Far East Holdings Incorporated, which is owned mostly by Ang, also sold its stake.
The acquisition has triggered a mandatory tender offer for the remaining shares held by minority shareholders. Eagle’s public float fell below the minimum requirement due to the deal, hence the delisting.
Earlier in December, Eagle Cement said no shareholder opposed the delisting.
“The acquisition of Eagle Cement is aimed at strengthening SMC’s presence in the cement sector,” the companies said. – Rappler.com