KKR offers to buy over 8% First Gen stake from parent First Philippine Holdings

Aug 12 : Philippines' First Gen Corp said on Wednesday that global investment firm KKR has offered to buy 8.43 per cent of the shares held by First Philippine Holdings Corp in the power producer.

Here are some details:  

• FPH, which holds 67.84 per cent in First Gen, said in a separate statement that it had received the offer from KKR.

• Under the proposal, KKR will buy 8.43 per cent of FPH's common shares held in First Gen.

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• KKR will also launch a voluntary tender offer for the entire public float of 11.67 per cent of First Gen's 3.6 billion outstanding common shares.

• The tender offer will support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.

• The companies did not provide financial details of the transaction.

• The statements came as a clarification to a media report that said KKR had offered 35 pesos per share to acquire an aggregate of 20.1 per cent stake in First Gen, valuing the company at nearly 126 billion pesos.

• No formal discussions between the parties have taken place, the companies said in their statements.

• KKR did not immediately respond to Reuters request for comments.