DMCI Holdings acquires Cemex PH parent company for $305.6-M

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Cemex Philippines Noticias

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DMCI Holdings [DMC 10.86 ?0.7%; 52% avgVol] [link] and Semirara Mining and Power [SCC 32.50 ?0.8%; 22% avgVol] acquired Cemex Asian South East Corp (CASEC), the parent company of Cemex Philippines [CHP 1.36 ?28.4%; 267% avgVol], in a deal worth $305.6 million (~P17.6 billion).

, in a deal worth $305.6 million . CASEC owns 89.86% of CHP. The deal valued CHP at P1.42/share, and will result in a mandatory tender offer for the remaining 10.14% of the public float.This deal is going to burn a lot of speculators who jumped in over the past couple of months to try to front-run a tender offer for CHP shares. CHP’s price rose from around P0.90/share in early February to around P2.

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