In today’s briefing:
- Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02
Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02
- The regulator will not review San Miguel (SMC PM)’s SPA with Eagle Cement Corp (EAGLE PM)’s selling shareholders to acquire their combined 88.50% stake at PHP22.02 per share.
- We expected approval as the PCC, the regulator, previously viewed San Miguel and ECC as part of the same group. The next step is the execution of a definitive agreement.
- The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the offer is 6.1%.
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