Philippine Gokongwei Family To Buyout Robinsons Retail In Deal Valuing Company At $850 Million |
Philippine tycoon Lance Gokongwei and his family has offered to buyout the minority investors in Robinsons Retail Holdings Inc. (RRHI) in a deal valuing the company at 51.7 billion pesos ($850 million).
The Gokongwei family and their privately held investment vehicle JE Holdings holds a 66.6% stake in Robinsons Holdings, which owns one the country’s largest chain of supermarkets, drugstores and department stores. JE Holdings is offering to buy the rest of the company at 48.30 pesos per share, a 32.2% premium over the stock’s one-year volume-weighted average price as of March 26, Robinsons Retail said in a statement.
The proposed tender offer, which will cost JE Holdings about 17 billion pesos, and delisting was approved by the board of Robinsons Retail. The Gokongwei family is taking the........