THE CONSUNJI family’s private holding company Dacon Corp. has accomplished its tender offer of Cemex Holdings Philippines, Inc. (CHP) shares as a part of DMCI Holdings, Inc.’s acquisition of the cement producer.
CHP received a certification from the tender offer conducted by Dacon from Oct. 23 to Nov. 21, which saw 12.88 million tendered shares, the cement producer said in a regulatory filing on Thursday.
With this, CHP’s public float dropped to 10.005% from the previous 10.1%, which continues to be compliant with the amended minimum public ownership requirement of 10%.
In April, DMCI, Dacon, and Semirara Mining and Power Corp. announced the acquisition of CHP for $305.6 million via a share purchase agreement.
Under the planned acquisition, Dacon has been appointed because the bidder for the mandatory tender offer to accumulate the remaining 10.1% of CHP’s total issued and outstanding capital stock.
DMCI bought all the share of Cemex Asia B.V. in Cemex Asian South East Corp. (CASEC), the bulk owner of CHP with an 89.96% equity interest. DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%.
On Thursday, CHP shares rose by 1.22% or two centavos to P1.66 per share, while DMCI shares were unchanged at P10.52 apiece. — Revin Mikhael D. Ochave
