First Gen welcomes tender offer First Gen Corporation and Macquarie Infrastructure and Real Assets (MIRA) recently announced a tender offer agreement between First Gen and Philippines Renewable Energy Holdings Corporation (PREHC).
Under the agreement, PREHC as the bidder agrees to acquire, through a tender offer, a minimum of 6.6 billion common shares up to a maximum of 8.9 billion common shares of Energy Development Corporation (EDC), representing approximately 23.5% to 31.7% of EDC’s total outstanding voting shares.
First Gen benefits by agreeing to participate in the offer by tendering 10.6% of total outstanding common shares in EDC, subject to scale-back provisions under applicable regulations.
This sale will deliver proceeds of approximately P14 billion to First Gen.
Upon the completion of the tender offer, the bidder will be indirectly held by a consortium of investors comprising funds managed by MIRA and Arran Investment Pte. Ltd., an affiliate of GIC.
MIRA is a unit of the Macquarie Group of Australia and is the world’s largest infrastructure asset manager with more than 20 years’ experience. GIC is the sovereign wealth fund of Singapore with well over $100 billion in assets under management.(Story/Photos by: Joel Gaborni)