Philippines' First Gen eyes take-private deal from KKR at $2.7 billion valuation
KKR•Shares extend gains
First Gen's shares advanced as much as 9.5% to 29.95 pesos on Thursday, extending the previous session's gains of 28.4% that took them to their highest since early March 2022.
First Philippine, which holds a stake of 67.84% in First Gen, gained as much as 6% on the day.
$1 = 61.2330 Philippine pesos
Tender offer could support voluntary delisting
The stake buy would likely trigger a mandatory tender offer from KKR for the entire public float of 11.67% of First Gen's 3.60 billion outstanding common shares, the power producer added. The tender offer would support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.
KKR is expected to offer around 46 pesos per share for the tender offer.
KKR declined a Reuters request for comment.
KKR offer could value First Gen at 165.44 billion pesos
A mandatory offer from KKR to buy Philippines-based First Gen Corp would value it at around 165.44 billion pesos ($2.70 billion), the power producer and its parent First Philippine Holdings said on Thursday.
