Kirin tenders for remaining shares of San Miguel
Agence France-Presse | 03/16/2009 11:33 AM
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Japan's Kirin Holdings on Monday said it is trying to buy the remaining publicly-owned shares of Philippine conglomerate San Miguel Corp.'s beer unit.
In a notice to shareholders published in a Manila newspaper, Kirin said it filed a tender offer with Manila's Securities and Exchange Commission with the "intention to acquire all the remaining 886.11 million common shares held by the public" in San Miguel Brewery Inc.
It said it was willing to pay about P8.84 per share, with the offer ending on April 17.
Kirin confirmed earlier reports it had agreed to buy over 6.6 billion common shares of stock in the brewery, equivalent to approximately 43.29 percent priced at P58.93 billion (over $1 billion).
"On a post-closing basis, SMC will continue to own approximately 51 percent of SMB's total outstanding capital stock," Kirin said in its tender notice.
It said the 886.11 million publicly-held shares represent about 5.75 percent of outstanding capital stock.
San Miguel Corp, which is about 20 percent owned by Kirin Holdings, has recently sold off several units to raise cash as part of plans to diversify its business interests to include utilities and mineral resources.
In 2007 Kirin acquired National Foods Ltd., a leading Australian maker of dairy products and drinks, from San Miguel in a $2.6-billion deal.
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