First Philippine rejects KKR proposal to buy stake in power generation unit

(Corrects company spelling in headline)

Aug 17 : First Philippine Holdings Corp said on Monday it had rejected a KKR proposal to acquire an 8.43 per cent stake in First Gen Corp, saying it did not represent the power generation unit's true value.

Here are some more details:

• The stake buy would have likely triggered a mandatory tender offer from the global investment firm to acquire First Gen's public float at 35 pesos per share, valuing the takeover at around 165.44 billion pesos ($2.69 billion).

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• The tender offer was also set to support a petition to voluntarily delist First Gen from the Philippine Stock Exchange.

• Energy and construction conglomerate First Philippine holds a stake of 67.84 per cent in First Gen, according to LSEG data.

• First Gen was valued at 110.63 billion pesos, as of Friday's close.

($1 = 61.5410 Philippine pesos)