Lopez Holdings Corp., the listed holding company of the Lopez Group, said Tuesday it is delisting from the Philippine Stock Exchange to consolidate and streamline the group's corporate structure.
Lopez Holdings said in a disclosure its board of directors authorized the filing of a petition for voluntary delisting of the corporation from the main board of the local bourse.
It said unit First Philippine Holdings Corp. would make a tender offer to acquire 908.45 million to 2.07 billion shares of the total issued and outstanding common shares of Lopez Holdings at a tender offer price of P3.85 apiece.
Lopez Inc., the group’s ultimate parent company, will not participate in the tender offer.
The tender offer price of P3.85 represents a 25-percent premium over the company’s closing price of P3.08 on Nov. 27, 2020.
“It is always a good sign when you see an offer for your shares with a significant premium over the market price. We will be happy for the shareholders who decide to avail of this opportunity to liquidate their investment,” Lopez Holdings president, chief operating Officer and chief finance Salvador Tirona said.
“If FPH’s tender offer is successful, LPZ will be delisted as part of the Lopez Group’s effort to consolidate the ownership of Lopez Holdings and to streamline the Lopez Group’s corporate structure by reducing the number of group holding companies currently listed on the Philippine Stock Exchange from two to just one,” Tirona said.