The acquisition will enable Ang to consolidate his cement business under San Miguel where he is also the president and chief executive.
San Miguel said in a disclosure to the stock exchange its board of directors authorized the management to sign a share purchase agreement with major shareholders of Eagle Cement. The approved acquisition price is P22.02 per share, representing a 43-percent premium over Eagle Cement’s closing price of P15.40 on Tuesday.
The proposed transaction will trigger notification and clearance from the Philippine Competition Commission.San Miguel said it would conduct a tender offer to acquire the remaining shares in Eagle Cement owned by minority shareholders.
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