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Thursday, August 31, 2006
SMIC offers to buy EPCIB
The SM Investments Corp. presented Equitable PCI Bank a binding offer to buy all of the bank’s common shares that it does not own at P92 per share.
SM Investments also offered to purchase, on a negotiated basis, the 10.8 percent stake in the bank, which is owned by EBC Investments Inc. (EBCII).
In a statement to the Philippine Stock Exchange (PSE), SM Investments said the offer covers all Equitable PCI shares that are not yet owned by SM Group. At P92 per share, it said the total consideration for the tender offer is estimated to be up to P36.9 billion.
Equitable PCI Bank disclosed to the PSE that since EBCII owns about 78.8 million shares, SM Investments’ total consideration will involve around P7.25 billion.
SM Investments has set the cross and settlement date on Oct. 2. The company said it wants to consolidate SM Group’s holdings in Equitable PCI. (LAP)
For Bisaya stories from Cebu. Click here. (August 31, 2006 issue)
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