As billionaire Ramon S. Ang consolidates his businesses, San Miguel Corp. intends to acquire control of associate Eagle Cement Corp. in a P97 billion deal.
In a stock exchange statement on Tuesday, SMC stated that its board of directors and related party transaction committee had approved the purchase of 88.5 percent of publicly traded cement manufacturer Eagle Cement at the agreed-upon price of P22.02 per share.
Eagle cement corporation is a publicly listed company in the Philippine Stock Exchange which is engage in the business of manufacturing and sale of cement products.
When compared to Eagle Cement’s most recent closing price of P15.40 per share, this was 43 percent higher. An obligatory tender offer will also be made to Eagle Cement’s minority investors by SMC.
The agreement is between Mr. Ramon S Ang, Mr. John Paul Ang, Ms. Monica Ang and Far east holdings Inc.
The approved acquisition price is 22.0 pesos per share a premium from yesterdays closing.
The proposed transaction will undergo approval from Philippine competition commission.
