Diversified conglomerate San Miguel Corp. said Tuesday its board of directors approved the acquisition of an 85.5-percent interest in Eagle Cement Corp. owned by Ramon Ang’s family.
The acquisition will enable Ang to consolidate his cement business under San Miguel where he is also the president and chief executive.
San Miguel said in a disclosure to the stock exchange its board of directors authorized the management to sign a share purchase agreement with major shareholders of Eagle Cement.
The approved acquisition price is P22.02 per share, representing a 43-percent premium over Eagle Cement’s closing price of P15.40 on Tuesday.
The proposed transaction will trigger notification and clearance from the Philippine Competition Commission.
San Miguel said it would conduct a tender offer to acquire the remaining shares in Eagle Cement owned by minority shareholders.