The tender offer drew minimal participation, with only 109,297 shares, or about 0.04 percent of outstanding stock, tendered.
Shares consistently traded above the P1.85-per-share offer. This is far the stock's market value above P3 each when the tender offer was launched up to its latest close of P2.72, making the tender unattractive for minority investors.
The offer was triggered after Forward Synergy acquired 86.83 percent of KEP from Keppel entities.
“FSGI targets and prioritizes investments in companies with strong fundamentals, clear growth catalysts, and attractive entry valuations,” the Keppel Philippines Properties tender offer report showed.
KEP, via its former stake in SM Keppel Land Inc., was a development partner in the Podium Complex in Ortigas. It has since reduced its footprint in the Philippines, including the 2023 sale of its Podium stake to BDO Unibank.
—Edited by Miguel R. Camus
