Lopez Holdings

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Tender Offer for LPZ shares

On December 1, 2020, the Board of Directors of Lopez Holdings Corporation (“LPZ” or the “Corporation”)  acknowledged the  conduct by First Philippine Holdings Corporation (“FPH”) of a tender offer (the “Tender Offer”) to acquire a minimum of 20% and a maximum of 34.5% (as amended on January 20, 2021) of the total issued and outstanding common shares of LPZ from all the shareholders of LPZ excluding the shares owned by its ultimate parent entity, Lopez, Inc. which has agreed not to tender its common shares, at a price of P3.85 per common share (the “Tender Offer Price”).

On January 21, 2021, Lopez Holdings withdrew a petition for voluntary delisting filed on December 14, 2020 with the Philippine Stock Exchange ("PSE").  The petition had been conditioned on the public float of LPZ falling below the minimum public ownership (MPO), required by the PSE, upon completion of the Tender Offer. The amendment by FPH of its Tender Offer to a maximum of 34.5% (down from 45.56%) of LPZ common shares removes the risk of LPZ falling below the MPO. Hence, LPZ will no longer pursue its petition for voluntary delisting.

FPH’s Tender Offer Price of P3.85 represents a 25% premium over LPZ’s closing share price of P3.08 on November 27, 2020 and a 41%, 43% and 36% premium over LPZ’s 3-month, 6-month and 12-month volume weighted average price of P2.74, P2.69 and P2.82, respectively. FPH’s Tender Offer Price also represents a 22% premium over LPZ’s 6-month closing high as of November 27, 2020 of P3.15.

LPZ had engaged an independent financial adviser to obtain a valuation and fairness opinion on this matter. The report of said independent financial adviser, KPMG/R.G. Manabat & Co., dated December 14, 2020, was attached to the petition for voluntary delisting as part of the requirements for such petition.

It is their opinion that the fair value of the listed common shares of LPZ ranges from P2.34 to P3.92 each as of cut-off date, September 30, 2020. As such the Tender Offer Price of P3.85 per share is within the computed range of LPZ's equity value per share. The independent financial adviser deemed the Tender Offer Price "fair and reasonable from a financial point of view, as of the cut-off date", September 30, 2020.

Download the full report of the Independent Financial Adviser here.

Letter to Shareholders from Lopez Holdings

Learn how to participate in the Tender Offer from this video

Frequently Asked Questions on the Amended Tender Offer by FPH

For queries, email:  This email address is being protected from spambots. You need JavaScript enabled to view it.  You may also submit your queries directly on this page.

Download the Amended Tender Offer Report of First Philippine Holdings Corp.
Download the Advice from Lopez Holdings Withdrawing its Petition for Voluntary Delisting
Download the Press Release of Lopez Holdings on the Withdrawal of its Petition for Voluntary Delisting
Download the Official Disclosure and Press Release of First Philippine Holdings Corp. on the Amended Tender Offer

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CONTACT US

Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009