First Philippine Re Rejects KKR's Bid for First Gen Stake
KKR sits 40% above its 52-week low of $82.67.
Summary
First Philippine Re has rejected KKR's proposal to acquire a portion of its stake in First Gen. KKR had also proposed to launch a voluntary tender offer for First Gen at PHP35.0 per share, but First Philippine said the offer does not represent First Gen's true value. First Philippine owns a 67.84% stake in First Gen. The rejection is a setback for KKR's expansion in the Philippine energy sector, removing a potential avenue for increasing its exposure to First Gen's power generation assets. No financial terms were disclosed beyond the PHP35.0 per share tender offer price.
At the time of this announcement, KKR was trading at $115.85 on NYSE in the Finance sector, with a market capitalization of approximately $102.3B. The 52-week trading range was $82.67 to $152.10. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.