INVESTORS loaded up on shares in Cemex Holdings, Philippines, Inc. after its parent company announced an offer to acquire more shares in the local unit to solidify its stake.
Globalinks Securities and Stocks, Inc. Head of Electronic Trading Mark Crismon V. Santarina attributed the stock’s steep price increase to news of its parent company’s tender offer. CASEC also plans to continue strengthening Cemex’s asset portfolio in the region, which could mean “an evaluation of strategic investments or divestments.”
The offer of P1.30 per share by CASEC translates to about a 51.2% premium over the Jan. 23 trading price of P0.86 apiece. The disclosure added that the offer is a 68.5% premium over the one-month volume weighted average price of P0.772 and a 64.5% premium over the one-year VWAP of P0.791. Meanwhile, Ms. Alviar expects Cemex to stay at its current price level until the end of the tender offer period.
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Source: PhilippineStar - 🏆 7. / 71 Read more »