First Pacific 0142.HK on Tuesday raised its offer price to buy a 36.6% stake in Philippine infrastructure firm Metro Pacific Investments Corp (MPIC) MPI.PS, for up to 54.8 billion Philippine pesos ($990.69 million).
The Hong Kong-listed investment holding company increased its offer to 5.20 pesos per share from 4.63 pesos announced in late April.
The latest offer price represents a 22.1% premium to Metro Pacific’s last close on April 25, before the offer was first disclosed.
The deal will see the acquisition of shares from minority public shareholders by a consortium that includes Mit-Pacific Infrastructure Holdings Corporation, a joint venture between Mitsui & Co 8031.T and JOIN, a Japanese government-private sponsored infrastructure investment fund company.
The deal further hinges on the delisting of MPIC’s common shares from the Philippines Stock Exchange.
In a separate release, Metro Pacific said it would submit an application to delist from with Philippines Stock Exchange.
($1 = 55.2900 Philippine pesos)
—Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich