LOPEZ HOLDINGS Corp. withdrawn its petition for voluntary delisting from the local sector after First Philippine Holdings Corp. (FPH) revised its tender bid on Wednesday.
In a statement to the stock exchange on Thursday, Lopes Holdings claimed that the petition for voluntary delisting was “conditional” and could only proceed if FPH obtained 45.56% of the total issued and outstanding common shares of the firm.
Lopez Holdings added that it recently announced the risk of an involuntary delisting if the minimum public ownership (MPO) fell below 10%, which is “conditional” to the purchase of a certain amount of securities by FPH.
“Amendment of the tendering offer ensures that there is no longer such a possibility and Lopez Holdings can stay classified even though FPH acquires a new limit of 34.5 per cent,” said Lopez Holdings President Salvador G. Tirona.
On January 20, FPH updated its tender offer study to encompass only up to a limit of 34.5% or 1,57 billion common shares of the existing issued and outstanding common shares of Lopez Holdings.
This is smaller than the previous bid by FPH to buy up to a limit of 45.56 per cent or 2.07 billion common shares and a minimum of 20 per cent or 908.46 million common shares of the total issued and outstanding common shares of Lopez Holdings, valued at P3.85 per common share.
“The amendment eliminates the possibility that Lopez Holdings will slip below the MPO demanded by the PSE and prevents the requirement for the firm to apply for a voluntary delisting petition,” said the disclosure.
The tender offer would not contain securities held by Lopez, Inc. who have chosen not to tender their shares.
FPH announced that it will also buy shares in Lopez Holdings from non-public owners and projected that 33,65 per cent would come from the public.
“Deducting this number from the existing public fleet of 43,805 per cent, it could leave Lopez Holdings with a minimum public possession of at least 10,15 per cent, assuming that the full cap is achieved,” said the disclosure.
In December last year, the firm lodged its motion for the voluntary delisting of 4.63 billion common stock from the main board of the PSE.
Lopez Holdings is the holding company of the Lopez family with activities in large growth industries such as television and television. FPH is the parent company of the energy investment family.