THE CONSUNJI family’s private holding company Dacon Corp. has completed its tender offer of Cemex Holdings Philippines, Inc. (CHP) shares as 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 is still 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 as the bidder for the mandatory tender offer to acquire the remaining 10.1% of CHP’s total issued and outstanding capital stock.
DMCI bought the entire share of Cemex Asia B.V. in Cemex Asian South East Corp. (CASEC), the majority 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
