San Miguel Equity Investments Inc made an offer to acquire 11.5% of stake in Eagle Cement Corporation (PSE:EAGLE) for PHP 12.7 billion on October 12, 2022. Under terms of transaction, San Miguel Equity Investments will acquire approximately 575 million at PHP 22.02 per share. SMEII intends to proceed to voluntarily delist Eagle Cement from the Main Board of the PSE after the completion of the Tender Offer (“Voluntary Delisting”).

At a special meeting held on October 7, 2022, the Board of Directors of Eagle Cement has approved the Voluntary Delisting subject to: (1) the closing of the Transaction and the Tender Offer; (2) the acquisition by SMEII of more than 90% of the total outstanding shares of the capital stock of Eagle Cement; and (3) the approval of the shareholders of Eagle Cement, which conditions have been fulfilled. The transaction is subject to Philippine Competition Commission. As on November 29, 2022, the transaction is approved by shareholders of Eagle Cement Corporation (PSE:EAGLE).

The tender offer will start on November 7, 2022 and will end on December 5, 2022.