San Miguel Corp., the largest food and beverage group in the Philippines, will conduct a tender offer from 18 June to 13 July, for shares still held by minority stockholders of PureFoods Corp.. In a d…
San Miguel Corp., the largest food and beverage group in the Philippines, will conduct a tender offer from 18 June to 13 July, for shares still held by minority stockholders of PureFoods Corp.. In a disclosure to the stock exchange dated 4 June, PureFoods said the tender offer will cover 3.396 million of its shares held by minority stockholders, to be purchased by San Miguel at PHP124 (US$ 1 = PHP 50.807) each, with a payment date of 19 July. On 22 May PureFoods parent Ayala Corp. completed the transfer to San Miguel of 53.1 million shares, or 93.98% of PureFoods at PHP 124 each, for a total cost of PHP 6.58 billion. San Miguel said it was prepared to make a tender offer to buy out the remaining shares of PureFoods held by minority shareholders. As of 15 June PureFoods shareholders will be covered by the tender offer, to be crossed on the stock exchange 16 July, and which won“t be extended, according to the PureFoods disclosure.