Lopez-led First Philippine Holdings Corp. (FPH), which already owns the family’s property development and energy units, has bought 15.68 percent of the shares of its parent, Lopez Holdings Corp.
In its disclosure, FPH said it is waiving its tender offer pre-requisite of buying at least 20 percent of its parent firm and a maximum of 31.5 percent of the total issued and outstanding common shares.
Based on its initial count, a total of 712.43 million common shares, or just over 15 percent, were offered for sale to First Holdings. The tender offer period ended on Monday.
“FPH shall accept all the shares that have been validly tendered pursuant to the terms and conditions of the tender offer,” it said.
FPH is buying the said shares at P3.85 apiece.
In December, the Lopez holding company was supposed to offer most of its shares, except those being held by the family, to FPH and then be delisted from the Philippine Stock Exchange.
Shares of Lopez Inc., the ultimate parent of the two firms, comprise more than half of Lopez Holdings.
FPH was supposed to buy a minimum of 908.45 million common shares of its parent company, or about 20 percent of the total issued and outstanding common shares to a maximum of 2.06 billion common shares, or 45.56 percent of the company.
In January, however, Lopez Holdings said it has against delisting from the local bourse and that the shares it will offer to FPH for sale will just be enough to keep it listed on the PSE.
Lopez Holdings owns ABS-CBN Corp., which holds its broadcast and telecom assets, and FPH.
The Lopez family earlier decided to delist Energy Development Corp. from the PSE.
Shares of Lopez Holdings were last traded at P3.75 per share and First Holdings at P75 apiece.
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