SMC board approves acquisition of Eagle Cement

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Diversified conglomerate San Miguel Corp. said Tuesday its board of directors approved the acquisition of an 85.5-percent interest in Eagle Cement Corp. owned by Ramon Ang’s family. READ:

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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