HedgeCo.Net — First Philippine Holdings said Monday it had rejected a KKR proposal to buy an 8.43% stake in First Gen and launch a tender for the power producer’s public float, telling the Philippine Stock Exchange the offer “does not represent First Gen’s true value.” The structure, reported by Reuters via CNA and in FPH’s disclosure as carried by Manila Bulletin, was a non-binding package: KKR would have bought the 8.43% slice from FPH at 35 pesos a share, then tendered for the 11.67% public f...
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