FIRST GEN Corp. has asked the stock exchange to suspend the trading of its shares on Tuesday after the Lopez-led energy company disclosed its receipt of a tender offer notice from Valorous Asia Holdings Pte. Ltd.
It told the Philippine Stock Exchange that Valorous notified the company of its intention to conduct a public and voluntary tender offer “subject to satisfaction of certain conditions.”
It said the offer covers First Gen’s common shares representing around 6-9% of its total issued and outstanding shares.
It said it was informed that Valorous intends to file the tender offer report with the Securities and Exchange Commission on May 26, and that the offer is intended to begin on May 27.
First Gen said its request for a one-day trading suspension “is also being made to allow equal dissemination of such information, and protect the stock price.” Its shares previously closed at P17.74 each.
On May 23, Valorous had its ad published in a newspaper informing holders of First Gen’s common shares of its intention to acquire through a tender offer a minimum of about 215.87 million shares and a maximum of around 323.81 million shares.
