Japan’s Mitsui, First Pacific raise offer for Metro Pacific

The deal would see the acquisition of up to 36.6% of Metro Pacific’s shares owned by minority public stockholders by a consortium that includes Mitsui, Japanese government-backed fund JOIN, First Pacific and their Filipino partners. — Reuters

MANILA: Japan’s Mitsui, Hong Kong’s First Pacific and their partners have raised their offer to buy out minority shareholders in Philippine infrastructure firm Metro Pacific to as much as 54.8 billion pesos (RM4.6bil).

In separate disclosures, the buyers offered 5.20 pesos (44 sen) per share, up 12% from an offer that resulted in backlash over what minority shareholders deemed a low valuation for the firm with interests in power, water, hospitals and toll roads.