Japanese conglomerate Kirin Holdings Co., Ltd. will offer to buy San Miguel Brewery shares held by the public for P8.841 each from March 16 to April 17 to comply with Securities Regulations Code. .

The brewery company were valued at P8.60 each at the end of Friday’s trading.

Kirin earlier increased its stake in San Miguel Brewery to 43.25 percent in a P58.9-billion deal with the latter’s parent company, San Miguel Corporation.

The corporate regulator mandates that buyers of more than 35 percent of a listed entity offer the same buying price to the rest of the shareholders. In the financial lingo, this mandated exercise is referred to as the ‘tender offer.’

Public investors currently hold 5.75 percent of San Miguel Brewery. If they avail of the tender offer and sell at an assured higher price, Kirin stands to spend an additional P7.83 billion and end up holding about 49 percent of the country’s biggest brewery business.

San Miguel Corporation’s stake will be diluted from 94.25 percent to 51 percent.

The settlement or payment date is on April 30, 2009.

Kirin has been a strategic equity partner of San Miguel since 2002.