In a stock exchange filing on Wednesday, FLI said the tender offer process will run from Oct. 7 through Nov. 27 this year. The final settlement date is on Dec. 11, 2024.
The deal covers 1.87 billion FLI shares, or 7.7 percent of Filinvest Land's outstanding shares.
Investors who decide to participate will get one FILRT share for every 3.11 FLI shares tendered.
The FLI shares were valued at P1 each, a 56 percent premium to its price when the offer was announced last week.
FLI shares are currently trading at around P0.81 each, down over 1 percent from the previous session.
Assuming all FLI stockholders participate, the developer said this will raise Filinvest REIT’s public ownership to 46.75 percent. This is above the required 33.33 percent, giving the unit room to issue shares to FLI in exchange for real estate assets.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
